I would say then that it is Gandalf reflecting on the battle at Minas Tirith in ROTK, because of the loss of Theoden comforting everyone by reminding them it could have gone much worse.
Dondagnirion
"He who cannot cast a treasure away at need is in fetters." - Aragorn
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"It is useless to meet revenge with revenge; it will heal nothing." - Frodo
"Will shall be the sterner, heart the bolder, spirit the greater, as our strength lessens."
"The only reason for time is so that everything doesnt happen all at once." - Albert Einstein
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