We analyse the structure of the quotient A∼(Γ, X, µ) of the space of measure-preserving actions of a countable discrete group by the relation of weak equivalence. This space carries a natural operation of convex combination. We introduce a variant of an abstract construction of Fritz which encapsulates the convex combination operation on A∼(Γ, X, µ). This formalism allows us to define the geometric notion of an extreme point. We also discuss a topology on A∼(Γ, X, µ) due to Abert and Elek in which it is Polish and compact, and show that this topology is equivalent others defined in the literature. We show that the convex structure of A∼(Γ, X, µ) is compatible with the topology, and as a consequence deduce that A∼(Γ, X, µ) is path connected. Using ideas of Tucker-Drob we are able to give a complete description of the topological and convex structure of A∼(Γ, X, µ) for amenable Γ by identifying it with the simplex of invariant random subgroups. In particular we conclude that A∼(Γ, X, µ) can be represented as a compact convex subset of a Banach space if and only if Γ is amenable. In the case of general Γ we prove a Krein-Milman type theorem asserting that finite convex combinations of the extreme points of A∼(Γ, X, µ) are dense in this space. We also consider the space A∼ s (Γ, X, µ) of stable weak equivalence classes and show that it can always be represented as a compact convex subset of a Banach space. In the case of a free group FN , we show that if one restricts to the compact convex set FR∼ s (FN , X, µ) ⊆ A∼ s (FN , X, µ) consisting of the stable weak equivalence classes of free actions, then the extreme points are dense in FR∼ s (FN , X, µ). * Research partially supported by NSF grant DMS-0968710 Theorem 1.2. A ∼ (Γ, X, µ) is equal to the closed convex hull of its extreme points. In other words, finite convex combinations of the extreme points of A ∼ (Γ, X, µ) are dense in A ∼ (Γ, X, µ).Given this result, it seems interesting to describe the extreme points of A ∼ (Γ, X, µ). In the amenable case, the identification with IRS(Γ) provides a complete such description, since the extreme points of IRS(Γ) are known to be the ergodic measures and consequently the extreme points of A ∼ (Γ, X, µ) for amenable Γ are exactly those actions with ergodic type. In the nonamenable case this description does not suffice. It is clear that any strongly ergodic action is an extreme point. We are able to show the following. Theorem 1.3. Suppose [a] ∈ A ∼ (Γ, X, µ) is an extreme point. Let a = Z a z dη(z) be the ergodic decomposition of a. Then there is a measure-preserving action b of Γ such that for η-almost all z ∈ Z we have [a z ] = [b].