Interesting. It stops on my system. We can add a "stop" command I suppose. Once more...:

Sub OpenByDate()
'Opens a sheet based on date search
Dim TheString As String, TheDate As Date, ThePath As String
Dim TheBook As Workbook

TheDate = Date
ThePath = "C:\holdings\" & WorksheetFunction.Text(TheDate, "YYYY¢MM¢DD") & "\"
ThePath = WorksheetFunction.Substitute(ThePath, "¢", "_")
TheString = "portfolio " & WorksheetFunction.Text(TheDate, "MM.DD.YYYY") & ".xls"
On Error Resume Next

    Do
        Workbooks.Open ThePath & TheString
        Set TheBook = Workbooks(TheString)
    
        If TheBook Is Nothing Then 'Not open
            TheDate = TheDate - 1
            ThePath = "C:\holdings\" & WorksheetFunction.Text(TheDate, "YYYY¢MM¢DD") & "\"
            ThePath = WorksheetFunction.Substitute(ThePath, "¢", "_")
            TheString = "portfolio " & WorksheetFunction.Text(TheDate, "MM.DD.YYYY") & ".xls"
        Else                     'It opened
            Set TheBook = Nothing
            Exit Sub
        End If
    Loop

MsgBox "You should never see this message"
End Sub