initargs - a defaulted initialization argument list.
The system-supplied primary method on initialize-instance initializes the slots of the instance with values according to the initargs and the :initform forms of the slots. It does this by calling the generic function shared-initialize with the following arguments: the instance, t (this indicates that all slots for which no initialization arguments are provided should be initialized according to their :initform forms), and the initargs.
Programmers can define methods for initialize-instance to specify actions to be taken when an instance is initialized. If only after methods are defined, they will be run after the system-supplied primary method for initialization and therefore will not interfere with the default behavior of initialize-instance.