What is Gandalf's reputation?

From the text:

Gandalf, Gandalf! Good gracious me! Not the wandering wizard that gave Old Took a pair of magic diamond studs that fastened themselves and never came undone till ordered? Not the fellow who used to tell such wonderful tales at parties, about dragons and goblins and giants and the rescue of princesses and the unexpected luck of widows' sons? Not the man that used to make such particularly excellent fireworks! I remember those! Old Took used to have them on Midsummer's Eve. Splendid! They used to go up like great lilies and snapdragons and laburnums of fire and hang in the twilight all evening!" You will notice already that Mr. Baggins was not quite so prosy as he liked to believe, also that he was very fond of flowers. "Dear me!" he went on. "Not the Gandalf who was responsible for so many quiet lads and lasses going off into the Blue for mad adventures. Anything from climbing trees to visiting Elves - or sailing in ships, sailing to other shores! Bless me, life used to be quite inter - I mean, you used to upset things badly in these parts once upon a time. I beg your pardon, but I had no idea you were still in business."