"What happened exactly? Tell me!", the wizard demanded. "I’ll tell you what happened", Thorin stepped up. "Master Baggins saw his chance and he took it! He’s thought of nothing but his soft bed and his warm hearth since first he stepped out of his door. We will not be seeing our hobbit again, he is long gone", Bilbo slips off his ring and steps out from behind the tree he was hiding behind. "No, he isn’t", hearing this, the dwarves are surprised and look glad to see him. "Bilbo Baggins. I’ve never been so glad to see anyone in my life", Gandalf felt relieved at seeing the hobbit, alive and well.