tolkienlanguages1-7  Exercise 1: Mithrandir and Imladris
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  Mithrandir   Sindarin   mith (grey) + randir (wanderer, pilgrim)
                          = Grey Pilgrim, Gandalf's Elvish name
  Imladris     Sindarin   imlad (deep valley) + ris (cleft)
                          = deep, cloven valley

Rivendell is the English form of Imladris, a translation (a calque) of the
Elvish name. It exists because the books are presented as a translation of
an old book written in the Common Speech, so Tolkien gave the English-speaking
reader an English name.

(The meanings of the individual parts come from standard references; check
Eldamo or Parf Edhellen before relying on them.)