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Interesting question. Rivendell is sort of an early refuge for Bilbo. The relationship is guarded, especially on Bilbo's side. Bilbo loves to hear the elves sing,
Rivendell, where Elrond, an elf-lord, lives in the Last Homely House. Bilbo loves to hear the elves sing, for "Elvish singing is not a thing to miss, in June under the stars."
Much of their relationship seems to be tempered through Gandalf.