Remaining optimistic in the face of Iranian missiles and golden calves

As originally appeared in The Jerusalem Post on March 6, 2026.

Optimism comes less easily today, not because democracy is less vigorous, but because democracy’s enemies have refined their instruments of repression.

–Ronald Reagan 

It’s been a difficult week, running into bomb shelters and then hearing the big booms, as the US and Israel continue to attack Iranian military targets and the Mullahs respond by targeting Israeli civilian populations. Sleep interruption has become the norm, as sirens seem to always wail at 3am. Even if there are no sirens, it’s been tough to sleep through the night do to anxiety and just waiting for something to happen. 

This week we read Ki Tisa, the Tora portion dealing with the Golden Calf. Commentators have dealt with Aaron’s role in this episode and how he could’ve been responsible for building an idol.   

The classic commentator Nachmanides (Ramban) explains that the Israelites were not necessarily seeking a new deity. Rather, they were looking for a replacement for Moses—a visible leader who would guide them in the wilderness. According to Ramban, their request reflected fear and insecurity after losing the person they believed was leading them forward.

In other words, the sin began with panic. The people had experienced redemption from Egypt, the splitting of the sea, and revelation at Sinai. Yet when their leader seemed absent, they lost confidence in the future. Instead of waiting patiently, they demanded something immediate and tangible.

As I have written previously, Rabbi Baruch Epstein writes at Chabad.org, “Let us draw insight from one of the darkest moments in our history, the day the Golden Calf was created. It was the 16th of Tamuz. The Jewish people, less than six weeks since receiving the Torah at Sinai, panic at Moses’ apparent delay in returning from the mountain top. Frustrated, a mob confronts Aaron and demands that he make for them a god. Hoping to deflate their zeal, Aaron instructs them to ask their wives for their jewelry for use in crafting their new deity. The Jews hotheadedness gets the better of their judgment, and they eagerly offer up their own personal earrings and bracelets. Aaron, still hoping for his brother’s return and an end to the madness, stalls, declaring: “Tomorrow will be a celebration for G‑d” (see Exodus 32).

The Midrash interprets this statement prophetically; indeed “tomorrow [the 17th of Tamuz] will be [in Moshiach’s time] a celebration for G‑d.”

Imagine Aaron’s predicament. His holy nephew, Hur, was just stoned to death for his attempts to stop this mob. They are ready, willing and able to do the same to Aaron. His only option to save this gang of thugs from irreversible sin is to build them an idol. And in the midst of this chaos Aaron has the clarity to foresee and even proclaim: “tomorrow will be a ‘festival’ to G‑d”!”

From the impact of AI to sectors of the economy to surging crude oil prices and fear of a protracted war, investors are on edge over a potential downturn in financial markets. While intellectually they understand that if they are investing for the long term there are going to be market drops, emotionally no one likes losing money and a certain sense of anxiety takes over. If I can give one bit of advice for the markets and for when the sirens go off, it’s: Don’t panic! Those who panic often end up making lousy decisions which turn out to be quite costly.  

Is Now the Time for optimism?

As my dear wife can attest, I love waking up early in the morning and listening to the birds beginning the day chirping. For me it signals a new day, full of optimism. While times are currently tough, we need to know that it will get better.  

Chill out

Heed the call of Aaron and don’t panic. The future will be better. While I certainly believe that on a national level, it’s important vis-à-vis money as well. I know that it’s not always easy, but you need to relax and stay focused on your long-term goals. When markets drop no one wants to lose money. But you need to focus on the long-term. These short-term drops will be a blip in history. Just remember back over the last 20+ years we have experienced a tech bubble burst, 9-11, a financial crisis, corona, the tech selloff, huge market drop of 2022, tariff liberation day in 2025 and much more. And you know what? Markets are higher now than they have ever been.  It’s important to remember that markets go up and down, and if you made a financial plan, it would have taken this type of market volatility into account. As I have written here many times, the worst thing you can do as an investor is panic and sell everything and then wait for the market to recover. The market tends to recover very quickly. Large market gains often come about in quick and unpredictable spurts and missing just a few days of strong market returns can substantially erode long-term performance. 

Much like in life: Trust the process and everything will work out just fine.

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 (McGraw-Hill), and is a licensed financial professional both in the United States and Israel, and helps people who open investment accounts in the United States. Securities are offered through Portfolio Resources Group, Inc. (www.prginc.net). Member FINRA, SIPC, MSRB, SIFMA, FSI. For more information, call (02) 624-0995 visit www.aaronkatsman.com or email aaron@lighthousecapital.co.il.