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Preheat oven to 375 degrees.
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1. Toss shallots with oil to coat. Season with S&P and roast in foil lined pan untel deep brown and very tender, stirring occasionallly...about 30 min.
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2. Combine beef broth and port in large saucepan. Bring to boil. Cook over med-high heat until volume is reduced by half....about 30 min. Whisk in tomato paste and set aside.
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3. Pat beef dry: sprinke with thyme, S&P.
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4. Heat large roasting pan over medium heat on stove top. Saute bacon until golden. Transfer bacon to paper towels.
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5. Add beef to pan: brown on all sides over medium high heat...about 7 minutes.
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6. Transfer pan to oven. Roast beef until meat thermometer inserted into center registers 125 degrees F for Medium rare...about 25 minutes.
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7. Transfer Beef to platter and loosely tent with foil.
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8. Spoon fat off top of pan drippings in roasting pan. Place pan over med-high heat on stove top. Add broth mixture and bring to boil: stir to scrape up any browned bits.
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9. Transfer to medium saucepan and bring to simmer.
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10. Mix 1 1/2 T. butter and flour in small bowl to form smooth paster: whisk into broth mixture and simmer until sauce thickens. Whisk in remaining butter.
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11. Stir in roasted shallots and reserved bacon. Season with S&P to taste.
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12. Cut beef into 1/2 inch thick slices. Spoon sauce over meat and garnish with watercress.
