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So where should investors put their money to work?
Tepper is focusing on domestically oriented, large-cap defensive sectors and believes the big trend for 2015 will be cybersecurity.
"Businesses in general have been really underinvesting in new technologies for at least a decade, and it's really time for them to ramp up their spending in these areas," he said. "Cybersecurity should be a huge beneficiary of that increased spending."
He likes Symantec as a value play, and called Palo Alto Networks and Fortinet "home run swings" that are risky but can reap a great reward. For those looking for a diversified basket, he suggested the cybersecurity exchange-traded fund HACK.
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Manley thinks big, integrated oil companies are a very good investment.
"They're at very good valuations in here. They have the kind of quality and yield that people need, and they'll do well," he said.
Emerging markets are also attractive right now as a long-term investment, Manley noted.
"I'll bet you look back if you didn't buy emerging markets at this time and kick yourself somewhere in the next three to five years," he said. "You don't have to get overweight, but get yourself represented there."
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Tepper also sees potential in emerging markets, as well as developed international markets over the course of the next five years. However, he would tread carefully.
"While we do believe that the potential for return definitely is better overseas than it is domestically, the short-term risks are a concern, which is why we are not overweight those assets at this point," he said.
Disclosures: Mark Tepper, his family and Strategic Wealth Partners do not own Symantec, Palo Alto Networks, Fortinet or HACK.