Investment Committee Members Defy Wall Street Trend in September

Wall Street's biggest desks turned defensive as September began, but CNBC's Investment Committee did the opposite. None of its four members plan to sell.

According to Scott Rubner, who runs equity and equity derivatives strategy at Citadel Securities and previously worked at Goldman Sachs, companies have authorized more than $1.1 trillion in buybacks through August, which will go quiet from September 12. Retail also steps back during this time.

Rubner's data shows that September has the year's weakest dip buying, with purchases on down days running near half the normal pace. He notes that hedges are cheap, as the VIX closed August at 14.4, its second lowest finish since December 2025.

The committee members, including Joe Terranova, Virtus Investment Partners; Stephanie Link, Hightower; Jason Snipe, Odyssey Capital Advisors; and Josh Brown, Ritholtz Wealth Management, share their views on why they're not selling. Terranova believes the market has somewhere to land, while Link is not trying to time the month and sees any dip as a chance to add to her positions.

Jason Snipe calls himself a long-term investor, not a tactical trader, and says he adds exposure during soft patches. Josh Brown argues that trading the calendar only creates taxable gains and that the rotation has already happened.