O'Reilly logo
  • Abhineet Kapil thinks this is interesting:

This interpretation is what makes modified duration a useful concept for investors—instead of cash flow recovery (few investors hold a long-term bond to full maturity), it focuses on change in profit/loss (P/L) for a change in rates.

From

Cover of Interest Rate Markets: A Practical Approach to Fixed Income

Note

modified duration calculates change in P/L wrt change in yield.