We conclude our trilogy of episodes on Chapter 5 of The Hobbit. Gollum begins to realize that Bilbo has his ring, and Bilbo begins to realize what it does. He uses its power of invisibility to escape from Gollum, but stops short of killing the wretched creature: an act of pity that will have great implications for Bilbo and for Middle-earth. We turn again to the first edition to see how Tolkien’s minor edits changed the ring from a magical trinket into an artifact of power with a will of its own, and your hosts thankfully retire their Gollum voices until The Lord of the Rings.