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

So it goes with investors, too, including the 10 on this year’s Barron’s Roundtable. Some consider last year’s steep losses in stocks and bonds a necessary cleansing that set the stage for renewed rallies and lofty returns. Others simply see it as the first leg down in a protracted bear market.