A popular edition
The Annotated Hobbit is by far the most popular companion/commentary text to Tolkien's classic. And for good reason. In its 2nd revised edition it is even better. I will not go into details why this so as there are many who have done a better job at this than I ever could. However, I will say this: If you are a collector: its popularity is something of a disadvantage as it makes it very difficult to get a 1st printing of the book.
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