I have a Vlookup formula that looks up descriptions for cusips from a database (a closed workbook). And the descriptions on database can get updated occasionally. One of the cusips did have description change, and my vlookup formula is pulling the old description from the database which was overwritten at least two months ago.

I double checked all the formulas, did the “update links”, and verified that cusip is listed only once in the database. Funny thing is that when I double click the cell with the vlookup formula, then the value changes to the new (and valid) description. I would greatly appreciate if someone can explain what is going on.