Book excerpt: Discusses various issues in contemporary Jewish theology. Ch. 2 (p. 25-53), "The Valley of the Shadow", is dedicated to the theological interpretation of the Holocaust. The Holocaust poses several problems to Jewish thought: Is God present in the post-Auschwitz world? Did the Holocaust renew the Covenant or did it survive intact? May the Holocaust be interpreted in terms of punishment, or is its meaning different, maybe inexplicable, in the extant categories of human ethics? May the Holocaust be regarded as a necessary transitional point on the way to the Jewish state? What lessons may be extracted from the Holocaust? Presents various solutions of modern-day Jewish theologians. Argues that the only lesson of the Holocaust is the reality of a common Jewish fate.