82-year old widow (continued) 
She currently owns somewhere around 35 to 40 companies, again common shares only. These companies yield just shy of 5% so her current annual dividend income is about $2.4 mil. In 1987, on October 19, she and her husband went on a stock buying spree. In 2008 / early 2009, she did so again. I could be wrong but I don't think a 30% decline in the market will bother her one bit. In fact, my guess is, she'd welcome it. 
She does not use dividend reinvestment. After taxes paid, she has $100k+ in excess cash to invest each month and a few times a year looks over her portfolio with her advisor and usually simply buys more of something that looks relatively inexpensive at the time.
As far as Cat's yikes comment goes because she owns ENB, EMA, FTS and others, that is a comment from his perspective as is his thinking on whether this 96% / 4% allocation is appropriate for an 82-year old widow or not. Cat's comments always are made based on what he would do