Bilbo wakes up after the Battle of Five Armies in Chapter 18 of The Hobbit, dazed, confused, and very much invisible. Returning to camp, he has a bittersweet reunion with Thorin Oakenshield and realizes that his adventure has finally come to an end. He bids a fond farewell before turning back for home with the friendship of both Elves and Dwarves, and a pretty decent retirement lined up. We estimate the value of Bilbo’s take-home pay, investigate the limits of the One Ring’s invisibility effect, and speculate on Aulë’s possible resemblance to his most bearded creations. Learn more about your ad choices. Visit megaphone.fm/adchoices