Elrond is old even amongst the immortal Elves, having fought against Sauron in an earlier age and seen the Ring taken by Isildur before it was lost. He is the master of Rivendell and the greatest amongst the wise of Middle-earth. His judgement that the Ring should be destroyed starts the Fellowship on their perilous quest.
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The 'Master of Rivendell' Elrond varient.