text: You can choose to cast an Adventure instant or sorcery spell from your graveyard as Bilbo's ability resolves. If that Adventure spell resolves, you can exile it using the replacement effect associated with the Adventure, and you can cast the permanent spell later from exile. If that Adventure spell fails to resolve (because it's countered or its targets become illegal), that card is exiled by the replacement effect created by Bilbo's ability; you can't cast the permanent spell later from exile.