Of course the only place in Anchorage where you might meet Bilbo (you know Bilbo Baggins, right?) is found here in this venerable and aged Government Hill neighborhood. Yes - there he is, humbly small and short, just outside the gate to a fabulous place of power and passages, hiding quietly below his namesake.
Remember one of Bilbo's most powerful poems as you begin your search - quite applicable to geocachers... but don't think to find a clue in this poem, eh?
Roads go ever ever on,
Over rock and under tree,
By caves where never sun has shone,
By streams that never find the sea;
– Bilbo Baggins. The Last Stage.