The era of free money is over. But there are still opportunities, Roundtable pros say.

The optimist sees bubbles and thinks champagne. The pessimist thinks Alka-Seltzer.

So it is with investors, including the 10 on this year from Baron Round table. Some see last year’s heavy losses in stocks and bonds as a necessary purge that paved the way for renewed rallies and high yields. Others see it simply as the first leg in a prolonged bear market.