MACAULAY DURATION
The weighted average term to maturity of a bond's cash flows. Metric named after Economist Frederick Macaulay that developed the concept in 1938, it measures the sensitivity of a bond or a bond portfolio’s price to changes in interest rates. To compute the duration, divide the current value of the cash flow by the price. Also, it is a measure of bond price volatility in terms of interest rates.
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Industry Bet
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