Risk-free interest rates are currently very low. Therefore, patient philanthropy can only work with risky assets, such as stocks.
For risky assets, the attractiveness of such investments depends on one’s degree of risk aversion. Risk-averse investors should consider the certainty equivalent (i.e., the guaranteed return that’s equally desirable as the risky return) of investing rather than expected return.
There are some reasons why patient philanthropy is differentially good for those who primarily wish to reduce suffering, compared to those with other longtermist goals.
Overall, I believe we should pursue both financial and non-financial investments (such as movement-building and cause prioritisation research). This is in part because there are not that many highly urgent interventions to directly reduce s-risks right now, and there might be more in the future.