The latter (Jungian individuation interpretation) has been done in a very interesting article. You can find the link on
this thread. I find both interpretations of the triumvirate highly fascinating! They are not applicable through and through, of course, but are definitely thought-provoking.
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'Mercy!' cried Gandalf. 'If the giving of information is to be the cure of your inquisitiveness, I shall spend all the rest of my days in answering you. What more do you want to know?' 'The whole history of Middle-earth..
.'