~0 is the top of the directory stack, always the same as $PWD.

       If the characters following the tilde in the tilde-prefix consist of
    a number N, optionally prefixed by a '+' or a '-', the tilde-prefix is
    replaced with the corresponding element from the directory stack, as it
    would be displayed by the 'dirs' builtin invoked with the characters
    following tilde in the tilde-prefix as an argument (*note The Directory
    Stack::).  If the tilde-prefix, sans the tilde, consists of a number
    without a leading '+' or '-', '+' is assumed.

-- 
Andreas Schwab, sch...@linux-m68k.org
GPG Key fingerprint = 7578 EB47 D4E5 4D69 2510  2552 DF73 E780 A9DA AEC1
"And now for something completely different."

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