She has a very long investing horizon (several decades according to actuarial life table), so index investing would be perfect for her. I'd like her to read "Little Book of Common Sense Investing" and ditch all of her actively managed funds in favor of wide market indices.
I know she won't be able to grasp much of it and, to be fair, it seems completely inconceivable, beyond belief, that the most investing theory is completely useless (CAPM, Efficient Market Hypothesis, Beta, etc). Who would readily believe that these professionals talk so much nonsense?
All she knows is that her late husband did well fund investing. He was patient, that's true. But every patient investor would have been successful in the last few decades.
At least she has the common sense not to do any trading, also following the advice of my father.
I bought her the book, I know she won't read it, I know if she reads it she won't understand it, if she understand something I doubt she will rebalance her portfolio accordingly.
Should I give up? I think it's hopeless but at the same time it's a small fortune what I would be saving her, so I'm obliged to try my best.
For bonus points, what I really would like her to do is to park her money until the market cools down. She has drilled into her head that the market always goes up, that she would have to pay taxes and that inflation would eat at her money (failing to realize that she will have a negative return for the next years anyway).