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1
Position rack in center of oven and preheat to 375F.
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2
In 9-inch-diameter pie pan, toss shallots with oil to coat.
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3
Season with salt and pepper.
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4
Roast until shallots are deep brown and very tender, stirring occasionally, about 30 minutes.
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5
Boil broth and Port in large saucepan until reduced to 3 3/4 cups, about 30 minutes.
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6
Whisk in tomato paste.
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7
(Shallots and broth mixture can be made 1 day ahead.
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8
Cover separately; chill.)
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9
Pat beef dry; sprinkle with thyme, salt and pepper.
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10
In large roasting pan set over medium heat, saute bacon until golden, about 4 minutes.
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11
Using slotted spoon, transfer bacon to paper towels.
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12
Add beef to pan; brown on all sides over medium-high heat, about 7 minutes.
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13
Transfer pan to oven; roast beef until meat thermometer inserted into center registers 125F for medium-rare, about 45 minutes.
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14
Transfer beef to platter.
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15
Tent loosely with foil.
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16
Spoon fat off top of pan drippings in roasting pan.
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17
Place roasting pan over high heat.
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18
Add broth mixture and bring to boil, scraping up any browned bits.
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19
Transfer to medium saucepan; bring to simmer.
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20
Mix 3 tablespoons butter and flour in small bowl to form smooth paste; whisk into broth mixture and simmer until sauce thickens, about 2 minutes.
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21
Whisk in 3 tablespoons butter.
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22
Stir in roasted shallots and reserved bacon.
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23
Season sauce with salt and pepper.
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24
Cut beef into 1/2-inch-thick slices.
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25
Spoon some sauce over.
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26
Garnish with watercress.
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27
Pass remaining sauce.
