“G-d is all and all is G-d” (Rebbe Isaac of Homil)
“G-d is all” means that nothing exists except G-d. “All is G-d” means that G-d’s very essence appears in everything. This constitutes the Divine soul’s “run and return” – it’s cycle of ascent and descent.
To only run (saying only “G-d is all”) results in nihilism. To do nothing but return (saying only, “all is G-d”) results in pantheism. Running and returning together elevate everything to its root in Divine nothingness.
Although G-d is all, the world, paradoxically does exist. And although all is G-d, our physical senses deceive us in this “world of deceit.” (Tanchuma Emor 10)
The moral: stay here, but don’t take what you see at face value.
The Wondering Jew, Rabbi Yitzchak Ginsburgh