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1
Bring broth and 5 cups water to a boil in a large pot over high heat. Reduce heat to low and gently simmer.
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2
Meanwhile, peel beets, then coarsely shred using a food processor fitted with the shredder attachment or the large holes of a box grater.
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3
Heat a large wide pot or saute pan over medium-high. Cook butter and oil, stirring occasionally, until butter melts. Add onion and saute until softened and translucent, about 5 minutes. Add beets, 1 tsp. salt, and 1/2 tsp. pepper and saute until tender, about 10 minutes more.
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4
Add rice and cook, stirring constantly, about 2 minutes, then add 1 1/2 cups broth, 3 tsp. vinegar, and 1 tsp. salt. Reduce heat to medium and simmer, stirring constantly, until liquid has evaporated. Continue adding broth, 3/4 cup at a time as rice absorbs liquid, stirring constantly and simmering until rice is tender, 30-40 minutes; season with 1 tsp. salt and 1/2 tsp. pepper halfway through. About 2 minutes before rice is al dente, add cream, 2 Tbsp. parsley, remaining 1 tsp. vinegar, 1/2 tsp. salt, and 1/4 tsp. pepper.
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5
Divide among 4 plates or bowls, then top with goat cheese, if using, and remaining 2 Tbsp. parsley.
