Slot and van Emde Boas’ weak invariance thesis states that reasonable machines can simulate each other within a polynomial overhead in time. Is λ-calculus a reasonable machine? Is there a way to measure the computational complexity of a λ-term? This paper presents the first complete positive answer to this long-standing problem. Moreover, our answer is completely machine-independent and based on a standard notion in the theory of λ-calculus: the length of a leftmost-outermost derivation to normal form is an invariant, i.e. reasonable, cost model. Such a theorem cannot be proved by directly relating λ-calculus with Turing machines or random access machines, because of the size-explosion problem: there are terms that in a linear number of ste...