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For the croutons: Preheat the oven to 350 degrees F.
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Melt 1/4 cup butter in a large skillet over moderate heat and cook until it foams.
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In a large bowl, pour the butter over the 12 cups cubed bread and toss to coat.
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Sprinkle with Parmesan and freshly ground black pepper.
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Toss to season all of the bread.
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Transfer the bread to a baking sheet.
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Bake, stirring once or twice, until the croutons are crisp and lightly colored on the outside but still soft within, about 15 minutes.
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Let cool.
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Croutons can be made 1 day ahead and stored in an airtight container.
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*Michael's Notes: I use a serrated knife to remove the crust from day-old bread, then switch to a chef's knife to cut the cubes because it doesn't tear the bread.
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Also note that I recommend grating the Parmesan finely so that it will stick to the bread better.
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For the dressing: Melt the butter in a small skillet over moderately low heat.
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Add the yellow onion and saute until soft, about 15 minutes.
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Season with salt and pepper.
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Add the vinegar and stir with a wooden spoon to release any browned bits stuck on the bottom of the skillet.
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Transfer to a blender or food processor and puree until smooth.
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With the machine running, slowly add 1/2 cup of the olive oil, then the water.
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Transfer to a bowl and season with salt and pepper.
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For the salad: Heat a large skillet over high heat.
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When hot, add 1/4 cup olive oil.
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When the oil begins to smoke, sprinkle in the mushrooms.
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Don't stir!
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Let them sizzle until they have caramelized on the bottom, about 2 minutes.
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If you toss them too soon, they will release their liquid and begin to steam.
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When the bottoms are caramelized, toss the mushrooms, reduce the heat to moderate, and continue to cook until well browned.
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Stir in the thyme and garlic and cook for about 1 minute to release their fragrance.
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Season with salt and pepper.
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In a large bowl, combine the croutons, the mushrooms, and the onion dressing.
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Toss well to coat.
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Add the celery, red onion, and arugula or spinach and toss again gently.
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Taste and adjust the seasoning.
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Grate fresh Parmesan on top and serve immediately.