Compliment... or not?

[Gurthang]

At Bilbo's party, he says:

I don't know half of you half as well as I should like; and I like less than half of you half as well as you deserve.
~ FotR: Chapter 1

Now, at first glance, you don't really know what to get from this line. It's just plain fun to read or say out loud, and can be left at that if you like. But if you try to look closer, to see what it means, it seems to be a compliment; at least the first half is. But by looking even closer, it almost seems like it isn't a compliment.

The second breath of the sentence can be taken in two ways. Bilbo could be saying that most of the Hobbits he knows, he likes the correct amount or is being generous in how much the likes them. Or he is saying that there are some that he doesn't like as much as he should.

So, to put it graphically: M = majority, m = minority

Bilbo likes M >= what's fair
OR
Bilbo likes m < what's fair


OR (if you want to stretch your brain.)
Bilbo likes M >= what's fair > Bilbo likes m

So, what do you think it is: Compliment, not a compliment, or both at the same time?

[Ainaserkewen]

Because I saw the movie first and Ian Holm says it a certain way I've always assumed it was a clever put down. But now that I examine it, the phrase could very well be a nice compliment!

Another thing no one will ever know.

[Márcolië Lamen]

When I was reading that I always read it as a compliment, though I see how it could be read otherwise. I read it as they disearved more than he could give them, and while he couldn't know them well enough to like them enough, he realized they disearved more.

[Glirdan]

I think it's probably meant to be taken both ways. The first part being a compliment, the secon, not to be. But, as Aina said:

Another thing no one will ever know.

[Encaitare]

I think it's a compliment cleverly disguised as an insult. Maybe Bilbo was hoping that only the cleverest ones (the ones most worthy of his compliments) would understand that.

[Ainaserkewen]

Originally Posted by Encaitare

I think it's a compliment cleverly disguised as an insult. Maybe Bilbo was hoping that only the cleverest ones (the ones most worthy of his compliments) would understand that.

That makes more sense than it should.

[Márcolië Lamen]

Originally Posted by Encaitare

I think it's a compliment cleverly disguised as an insult. Maybe Bilbo was hoping that only the cleverest ones (the ones most worthy of his compliments) would understand that.

That makes an extreme amount of sense. Almost more than it should.