David Swensen has led Yale's endowment to phenomenal results since taking charge in 1988. According to the New York Times, his advice for individual investors is simple: "use index funds, exchange-traded funds and other low-cost instruments, and stick to your long-term asset allocation -- even when the markets are in tumult."

What's interesting about the Times interview is that Mr. Swensen decided to use it as an opportunity to take some shots at Mad Money host Jim Cramer: "There is nothing that Cramer says that can help people make intelligent decisions. He takes something that is very serious and turns it into a game. If you want to have fun, go to Disney World."

Mr. Swensen sure did manage to come across as an aristocratic snob. But I'm actually inclined to agree with him to a certain extent: I would never follow Cramer's stock picks. I think he gives way, way too many tips. But I do watch Mad Money regularly because Jim Cramer is a really smart guy and has been down in the trenches of money management. Some of his broader ideas are useful, and let's face it: his is one of the few really entertaining shows on CNBC.