"Do you have to be so negative all the time?" a number of my recent emails have asked. "You're so pessimistic that I can't stand to put any money in the stock market."Although I've written recently about the dangers of higher inflation, slower economic growth and, the worst of all worlds, stagflation, I'm not particularly pessimistic at the moment. It's just that I believe any investment strategy has to begin with a close-up look at the dangers ahead. Only by taking the most objective look at potential bad news can you figure out where to put your money, decide what sectors and stocks to avoid and make a judgment on whether to own stocks at all at the moment. Fear and hope are the two drivers of stock prices in the near and intermediate terms, and you can't consistently make money if you look only at half of what motivates investors. So what does looking at the market's fears tell me about where to put my money now? Here are my five lessons from the market's fears.