ANSI Common Lisp   3 Evaluation and Compilation   3.2 Compilation   3.2.2 Compilation Semantics

3.2.2.2 Minimal Compilation

• All compiler macro calls appearing in the source code being compiled are expanded, if at all, at compile time; they will not be expanded at run time.

• All macro and symbol macro calls appearing in the source code being compiled are expanded at compile time in such a way that they will not be expanded again at run time. macrolet and symbol-macrolet are effectively replaced by forms corresponding to their bodies in which calls to macros are replaced by their expansions.

• The first argument in a load-time-value form in source code processed by compile is evaluated at compile time; in source code processed by compile-file, the compiler arranges for it to be evaluated at load time. In either case, the result of the evaluation is remembered and used later as the value of the load-time-value form at execution time.