Earlier this week, on Tisha B’Av, we remembered all the tragedies that have befallen the Jewish people throughout the ages, including the destruction of both Temples.
In this week’s Torah portion, we read Va’etchanan. This portion contains two elements that are paramount to Judaism: The Ten Commandments and the sacred “Shema Yisrael” prayer. While one could certainly come up with multiple connections between these two tenets of the religion and Tisha B’Av, I think there is a very basic connection.
The beginning of the portion begins with a plea from Moses to enter the Land of Israel. He had worked tirelessly for 40 years, leading the nation from Egypt to the precipice of the Holy Land, and he wanted nothing more than to be able to complete the mission. His plea was to no avail, and God basically tells him not to pray anymore for this because the answer is “No!”
Juxtapose Moses’ desire to enter the land with the origin of Tisha B’Av, and the connection is striking. Rabbi Jay Kelman writes, “The origins of Tisha B’Av stem from the chet hameraglim – the sin of the spies – in which the Jewish people lacked the desire to enter the land. Upon hearing the report of the spies – on the 9th day of Av – the Jewish people cried out, causing G-d to exclaim, ‘You cried a needless cry; I will establish for you [a reason to] cry for all generations’ (Taanit 29a).
“And it is that error with which Moshe opens up Sefer Devarim (the Book of Deuteronomy) – always read the Shabbat before Tisha B’Av – as the Jewish people are once again on the verge of entry into the land. How tragic when those who are able to attain a gift do not want it and those who desire that same gift are unable to attain it!”
Rabbi Kelman continues, “Yet, I would argue that the most important connection between Tisha B’Av and the parsha (weekly Torah portion) lies in the verse, ‘You shall do hayashar vehatov (what is straight and good) in the eyes of G-d, so that it will be good for you; and you will come and inherit the good land that G-d has promised you’ (Deuteronomy 6:18).
“It is this verse which serves as the obligation to act lifnim mishurat hadin, a concept that does not lend itself easily to translation but incorporates the idea of acting beyond the letter of the law and incorporating the spirit of the law.
“The biblical verse itself links the practice of going beyond the law to the inheritance of the land. It is thus no surprise, then, that Rav Yohanan claims that ‘Jerusalem was only destroyed… because people insisted on the strict application of the law and did not practice lifnim mishurat hadin (Bava Metzia 30b).’”
Investing in Israel
WE SEE the importance of loving the Land of Israel, but should that translate into actually investing your money in the Holy Land? After all, we are still in the middle of a war with Hamas, get daily reminders from the Houthis that not all of the Iranian proxies have been destroyed, and diplomatically, Israel has turned into a global pariah.
Less than a month after the October 7 Hamas massacre, I wrote in these very pages, “The shekel dropped to levels not seen since 2016. On the stock market side, the leading index, the TA-35, had dropped nearly 20% from its highs and is trading at levels last seen in 2018. Israeli tech stocks that trade in the US have gotten clobbered as well.
“The real estate sector, which was already suffering due to higher rates, is on the verge of collapse. Investor confidence has been shaken, and there is an air of worry and pessimism out there.
“That’s exactly why I am, and you should maybe, start getting excited about investing in Israel. It’s hard to find a silver lining in this situation, but for investors sitting with cash or for young, first-time investors, this could be an ideal situation. You certainly need to do your own homework and research and make sure any investment fits your financial profile. This is certainly not a recommendation, but something you should maybe start thinking about.
“Learning from history, we see that these types of military operations tend to cause short-term economic softening, but long-term, it’s not a negative for the economy; in fact, it leads to stronger growth. At some point, the destruction of the South will be rebuilt. (I am not even talking about the rebuilding of Gaza). Tourists will come back in droves. And let’s not forget that 200,000-300,000 reserve soldiers will be going back home and both working and spending, and that will be a boom for the economy.
“Not that I know what the future holds, but hours before the ground invasion started, the shekel dropped to 4.08 versus the US dollar and is now back under 4.0. Again, that doesn’t mean that it won’t weaken again, but in my decades of professional investing experience, this type of reaction is normal. Now may be the time to take advantage of the recent market plunge and look at starting to invest in stocks.”
Fast forward 22 months, and the Tel Aviv Stock Exchange has been one of the best performers in the world, the shekel has appreciated by over 15%, and, maybe the best vote of confidence, Palo Alto Networks has announced that they are buying Israeli tech company CyberArk for approximately $25 billion!
While Israelis are seemingly becoming persona non grata throughout the world, maybe now is the time to refocus locally. Maybe it’s time to talk with our money, pull money out of Europe, and invest locally.
The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group, Inc. or its affiliates.
Aaron Katsman is the author of Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing.