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Most thoughtful observers understand the capital formation process of our economy is broken. Few understand how the flawed statistics lying at the foundation of “high finance” has led us astray. Perhaps only Boyd and Reardon can illuminate how ergodic thinking shines a light on the path to a prosperous future by aligning our finance with the complexity of how all living systems actually work: in dynamic balance, collaboratively..
-John Fullerton, Founder Capital Institute, author Regenerative Capitalism

What you’ll get

Are you an investor or entrepreneur?
Are you needlessly wasting capital?
And can you do better?

If you answered “yes” to the first, the resounding answer to the second and third is also ‘Yes”!

Whatever you are investing now: your money or a fund’s money; your time, creativity, effort, or relationships; whatever drives you as an entrepreneur, especially if you want to solve humanity’s biggest challenges through net positive, regenerative business; and whatever you expect in return, this book gives you the power to make your own luck, to make our ever more unpredictable world benefit you.

This book gives you what you ought to have been given (but likely weren’t) before you even started your career: the secret to thriving in a volatile, unpredictable, complex, and ambiguous world.You begin by working with, not trying to prevent and control, unpredictability. This is one of the hardest challenges you will ever face, because the best strategy — what we call an ergodic strategy — will feel more wrong than anything else you’ve tried. Read The Ergodic Investor and Entrepreneur to know why it is actually so right!


Learn which is most important to reach the peak of success, like investing in the next unicorn, creating the next unicorn, or winning a Nobel prize. And find out the reason why companies like Unilever or Procter & Gamble stay steady during unpredicted global headwinds (like Covid-19), while most single-purpose companies experience wild swings. And how this has, is, and will shape your whole life in ways you’re not seeing.

Unknowable unpredictables are the essence of life, but luckily we humans have thrived in the face of it because we learn new strategies when life takes us by surprise. However, business strategies today are no longer fit for our unpredictable world, because we focus on prediction and control. Time for a new strategy, neither aiming for complete control nor completely surrendering to luck.

What you’ve been taught about how capital changes is wrong, because we live in an unpredictable world. A useful business plan must start with capital change processes being multiplicative, and where the order matters. If not, you’re using the wrong equations in building the business plans you’re using to make investment decisions, start your business, or even plan your personal future.

Here are the equations that actually describe real-world capital change processes, multiplicative and order-dependent. You’ll see why business today holds capital like a colander holds water, and what you can do to plug the holes your capital leaks through.

The ergodicity-blind strategies that businesses and investors default to, in order to compensate for the detrimental effects of our non-ergodic world, cause capital to leak away. These all have a role to play in addressing weaknesses in business fundamentals, but are fatally flawed when used to address non-ergodic unpredictables.

In which we test out potential strategies with the power to harness the unpredictables impacting capital, first in a science fiction universe free of key laws of physics to see clearly what might work in reality.

Inspired by the perfect science fiction strategy, you will see what a practical strategy harnessing non-ergodic capital growth looks like — one you can start deploying today in your business or investments.

Excellent execution of an ergodic strategy requires ergodically tuned structures, interactions, and governance. Want to start building them? Fortunately all you need to get started already exists; you just need to use them and optimise them in novel ways.

Bigger is better and the smallest thrive best. Learn how to best execute ergodic strategies by building diverse businesses of widely different sizes, connected together into profit pooling ecosystems, and then connecting those ecosystems.

Ergodic strategies need ergodicity-minded and capable people. Harness the power of unpredictables in your life by applying an ergodic strategy to all of your capitals. Financial, of course. But also your self esteem, relationship, social, intellectual, knowledge, and all the other capitals that you value.

“Then he clasped his hands together, smiled, and said, ‘This could be a good time! There is a river flowing now very fast. It is so great and swift that there are those who will be afraid.’” (Hopi elders prophecy) Here’s a vision of life in a world thriving because entrepreneurs and investors use ergodic strategies.

Download sample chapters
You’ll get all you need to whet your appetite for the whole book! Includes the preface, first two chapters, and the conclusion.
Read a review
Bill Baue of r3.0 has written a review on how powerful this is for regenerative, net positive, and impact investing / business.
Sign up for our courses
You’ve read the book and want to understand it even better? Or, reading is just not your way of learning? Or, you have a specific project and want to apply it to your project? Join either our 101 or masterclass workshops!
Regenerative interview
Bill Baue and Ralph Thurm interview me on why ergodic investing is an absolute must for impact, regenerative, net positive, or circular investing.
Faith-based investing
Felipe Witchger of the Francesco Collaborative and I discuss why faith-based investing does better following an ergodic strategy; in fact, most of the world’s faiths’ traditions do!
Talk at the r3.0 conference
Listen to the recording of my talk at the r3.0 conference on Activating Restorative Norms: Healing Harm, Connecting for Change. (Slides now, recording behind a paywall in November.)
We often tend to polarize our societal choices as either / or: the market or the state; competition or cooperation between businesses. What is lacking is the third level of integration: the practice and institution of the commons. This book reflects the return of this theme in business thinking, and is a highly necessary preparation for a world in existential risk.
Michel Bauwens
If sustainable, net positive business is the right path (for business and society), why is it difficult? Why doesn’t it happen naturally, and what stands in the way? To answer that core question, Graham and Jack lay out a flaw they see in how businesses and investments are managed. A more optimal path is possible, but requires a new understanding of the dynamics of capital in business, they say, and show how to invest and build for both net positive and profitability in ways that seem impossible today.
Andrew Winston
sustainability thought leader and best-selling author (with Paul Polman) of Net Positive
Most thoughtful observers understand the capital formation process of our economy is broken. Few understand how the flawed statistics lying at the foundation of “high finance” has led us astray. Perhaps only Boyd and Reardon can illuminate how ergodic thinking shines a light on the path to a prosperous future by aligning our finance with the complexity of how all living systems actually work: in dynamic balance, collaboratively.
{John Fullerton
Founder Capital Institute, author Regenerative Capitalism
Business must become a true collaborative citizen delivering on society’s needs today. To do so business needs to recognise the inherent nonlinearity and path-dependence of all living systems, including business itself. Graham and Jack’s work on non-ergodicity in business is an important contributing voice. Their ergodic investment strategy allows unpredictability to become an integral part of business strategy.
Ebru Kaya, Tanuja Prasad
founders of Regenerative Investing Theory and Community of Practice
There is tendency among decision-makers to focus on predictable developments by either making unpredictable future trajectories predictable or assuming unpredictability away. Graham Boyd and John Reardon correctly argue that unpredictability is the essence of life, and cannot be removed. Luckily, they show how unpredictability can be front and center of strategy. We need to use our collective imagination by embracing science fiction strategies for making impactful decisions in life and business. A must read!
Meelis Kitsing
Rector and Professor of Political Economy, Estonian Business School
Working within Impact Investing in Brazil, the pandemic gave me a powerful experience of how complex the world is, and how attached we are to trying to predict all possible scenarios and then failing to do so. I often hear “The only thing we are sure about is that reality is going to be different from the Excel sheet.” Collaborating and building stronger ecosystems that generate positive impact is not only going to make us more resilient to what comes next, but may be our only chance of survival.
Vanessa Reis
HR Manager in Impact Investing
Oops … they did it again! Graham and Jack are giving the reader another experience after their first best selling hit Rebuild — now we are in for a “Lucky” treat. Graham and Jack eloquently walk the reader through the concepts of a business being ergodic (few are) if the expected outcome of the capital growth processes over time is the same as the average of the totality of all possible states of the business at that time. Stop suffering inefficient and hidden capital losses. Highly recommended read.
Antonio Potenza
FRSA, MBA Oxford, CISL Cambridge, Founder of Proodos Capital and Fund4Impact, Serial Entrepreneur
This book is amazing, because it gives a new perspective on business plans: bringing luck, unpredictables, and black Swans under one strategy, showing how we can win with randomness by pooling, planning, and diversifying at all levels! All investors and entrepreneurs need to apprehend, digest, and understand. This book is a seed that will blossom with examples to further convince all.
Marc Castagnet
Impact Entrepreneur
Once in a while, a new concept emerges which illuminates a previously hidden area within corporate risk analysis. The Ergodic concept and methodology outlined in this book is one these lights which shines and delivers renewed insights to those whose minds are open such ideas. The Ergodic process also has psychological parallels for leadership in exploring, challenging and regenerating otherwise firmly held beliefs to help form renewed maps of the investment world, a task we all would agree to be well worth pursuing.
Robert Dellner PHD
author, Integral Impact Investments
We’re increasingly connected, yet more isolated, both as people and as businesses. This book offers a different perspective that inspires us to connect differently to gain individual advantage from collective advantage in a world of increasing chaos. The concepts express in business and for individuals the very essence of how natural ecosystems thrive. A book that will bring new essential tools to investors, entrepreneurs, and decision makers to better navigate in a context of exponential opportunities.
Patrick Martel
Vice-President, Innovation Development, Technosub; innovation entrepreneur
The Ergodic Investor and Entrepreneur is a thought-provoking and insightful read that provides valuable advice and guidance for anyone looking to succeed in the future world of investing and entrepreneurship. Graham and Jack draw on their extensive experience to introduce the concept of ergodicity, which emphasizes the importance of understanding the long-term impact of probabilities and risks associated with investments and entrepreneurial ventures. A refreshing angle in our increasingly volatile world.
Bárbara Leão de Carvalho, PhD
We need to fundamentally rethink our investment paradigms, if capital markets are to play a more important role in financing transformative solutions to the world’s biggest challenges. This book provides fresh insights about how capital providers across all asset classes can better leverage unpredictability and make use of new business opportunities in systemic investing.
Anja-Nadine König
Founder and Director of Social Impact Markets, Transformative Finance Expert, Facilitator and Mentor.
It’s time to come together. It’s never been so true, so urgent; and so rewarding, if we put what Graham and Jack are offering us into practice.
Ted Rau
Sociocracy For All. Author of Many Voices One Song and Who Decides Who Decides
Harness the unpredictable. This statement jumped out at me immediately when I first skimmed through the book. How could this not be one of the most important strengths for business in today’s polycrisis world, yet all focus on risk management is to attempt the impossible\textemdash make it all predictable. And then the surprises hit! While the book debunks competitive economics, its misperceptions and mathematically illogical assumptions, it’s first and foremost a plea for diversified and collaborative businesses. It’s adding a resilience message on how to prepare the transition to a regenerative and distributive economy. This book fixes false assumptions, and I’ll add one of my own: the idea that we can still avoid collapse. We are already in collapse, and no-one can know exactly what additional and potentially exponential unpredictabilities that will bring. Showing us how to harness these for resilience makes this book extra relevant today.
Ralph Thurm
R3.0 Managing Director
We’ve entered times in which virtually everything is changing. Business sometimes leads adaptation to this change but from a science perspective, business is often incredibly slow to question the basic framing. For everyone who wants to understand business, and the economy of the future, this book is a great paradigm-shift.
Phoebe Barnard
Affiliate Professor, Univ. Washington, Associate, Univ. Cape Town; CEO, Stable Planet Alliance; former Chief Science and Policy Officer
Graham and Jack offer a breakthrough ergodic strategy of investing based on a key element of anti-fragility: combining the advantages of collaboration (resource pooling between multiple entities across all capitals) and competition (resource accumulation within entities) to support ecosystems. The take-aways are significant and possibly solve the scaling issue that perplexes the regenerative community. The method take cues from nature and is proven with mathematics.
Lyn McDonell
President, The Accountability Group, Inc.
We stand at a critical juncture in the evolution of our species, with the potential for either great human flourishing or a nightmare beyond our imagination. It is in this context that I am grateful to acknowledge the contributions of Graham Boyd and Jack Reardon. Through their work, they have shown us a new way to leverage the powerful tools of capital to make a positive impact on the world. They have given us a map, showing us how to shift our consciousness and use ergodic thinking to include all of life while we use the tools of capital to contribute towards the path of planetary peace and abundance for all. I am deeply grateful for their insights, vision, and dedication to helping us dream a new dream.
Lawrence Ford
CEO at Conscious Capital and Scious, and Chair of Future Capital

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CEO, Serial Entrepreneur, particle physicist, Disruptive Innovator, Author

Graham Boyd, PhD

We can rise, phoenix-like, from today’s burning global challenges. All of us, and our children, can thrive in the coming decades, because we can build a regenerative global economy by using ergodic finance and investment.

Today I apply the expertise gathered across three careers (particle physicist, manager with Procter and Gamble, serial startup founder) to bring that vision to reality. I founded Evolutesix, an ergodic finance holding company and ergodic strategy business ecosystem builder; and wrote The Ergodic Investor and Entrepreneur and Rebuild: the Economy, Leadership, and You, so that everyone can benefit from the solutions we’ve developed to create net positive businesses.

More about me

Co- Author


I (Jack) have innovated at the boundaries of economics, highlighting the flaws in mainstream economics, and developing viable replacements. My drive has long been reforming and reconceptualizing economics, and of course economics education, so that the discipline of economics can help solve the world’s numerous and interconnected problems.

I’m the founding editor of the International Journal of Pluralism and Economics Education, which provides a global forum for educators committed to changing how we educate our students and how we conceptualize economics. I’m also the author of three well received economics textbooks on economics, pluralism, and economics education; and have recently completed a novel.

I’m currently researching and teaching at the University of Wisconsin-Eau Claire.