On Friday, August 26, 2011, Tassilo Horn <tassilo@member.fsf.org> wrote:
> nil in `load-path' means `default-directory' which is usually your HOME,
> but might be redefined on a per-buffer basis, or maybe even bound
> dynamically in some code loading lisp files.  I'd really refrain from
> using nil in `load-path'.  Sounds like a can of worms to me...

It's *always* defined on a per-buffer basis.  Typically it's the directory
of the file you're editing.

-- 

-PJ