A useful way to think about this: duration is best understood as price sensitivity to yield changes, not as "time to maturity." Three quick checks before you act: 1. Name the mechanism in plain English: Maturity tells you when principal comes back. Duration tells you how much the price will care when yields move before that happens. 2. Say why it matters for behavior or portfolio decisions: That is why two bonds with long maturities can still behave quite differently if coupon structure is different. 3. Set the review question: Before reacting, ask what mechanism would still matter here if the headline disappeared tomorrow. In practice: A low-coupon long bond tends to feel rate changes more sharply than a higher-coupon peer with similar maturity. Watch for: The mistake is using maturity as a shortcut for interest-rate risk. $$ \frac{\Delta P}{P} \approx -D \cdot \Delta y $$ Plain English: Price change is approximately duration times the yield move, with the opposite sign. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.