1. Use the [#] icon on the message area toolbar to add [ CODE ] tags and paste the macro inside to format it pretty and to set it off
2. Option Explicit at the top of a module forces all variables to be explicitly Dim-ed (e.g. the 'r'). I always do it to avoid typing mistakes, plus some other reasons
3. You need a sheet named "Strategy Library" and "Lists" as well as the named range "StrategyList"
The attachment seems to run OK for me
Option Explicit
Sub UpdateDropdownList()
Dim List As Range, r As Range
Dim n As Integer
Set List = Worksheets("Strategy Library").Range("StrategyList")
Application.Calculation = xlManual
n = 0
For Each r In List.Cells
MsgBox r.Value
If Not IsEmpty(r) Then Sheets("Lists").Range("A1").Offset(n, 0) = r.Value
If Not IsEmpty(r) Then n = n + 1
Next
End Sub