If Bilbo was chosen by Gandalf to go on this journey and Bilbo is the main character then why isn't he leading the treasure hunt? I think that if he's the main character then he should be leading the journey. Maybe when we get further into the book he will become the leader.
Mmm, well first off, it isn't Bilbo's stolen treasure. Second, Bilbo's never been on an adventure in his life! And third, I doubt the dwarves would listen anyways because they don't look up to Bilbo that much yet. I say yet I'm hoping they will come to respect him more. I don't really think it would be right for Bilbo to lead the journey though because he didn't start the journey.
Even though he is the main character, I don't think I would like him as much if he was the leader. I also think that J. R. R. Tolkein was trying to portray character that was as proper and respectable as the rest of them with a few weird quirks added in, and then completely thrown out of his comfort zone. If Bilbo was a natural born leader I think there would be a huge twist in the plot.
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The difference between genius and idiocy? Genius has it's limits.