& This article provides a detailed empirical study of investment patterns in small-scale rural aquaculture and its relation to pond location based on a systematic fish pond survey in Lao PDR. Nominal investment categories of fish ponds were created based on stocking rate, feed and water and then spatially cross-referenced with a range of environmental factors, including distance to roads, land use, and distance to water resources. Contrary to current aquaculture development policies, the results show the dynamic nature of fish ponds as a source of water, native fish and exotic fish. It is concluded that policy makers and extension officers can make use of simple diagnostic models of fish pond use and investment to develop more contingent support to farmers that takes into consideration a wider portfolio of living aquatic resources in rural communities.