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1
Toast the saffron threads in a small pan over medium heat, just until they dry and become brittle.
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2
Pound the saffron in a mortar to a fine powder.
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3
Add half the butter, and use a rubber spatula to incorporate it.
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4
Bring the chicken stock and 3 1/2 cups water to a boil over high heat.
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5
Turn off the heat.
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6
Meanwhile, heat a medium heavy-bottomed pot over medium-high heat for 2 minutes.
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7
Swirl in the saffron butter, and when it foams, add the onion, thyme, chile, 1/2 teaspoon salt, and a few grindings of black pepper.
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8
Saute about 5 minutes, stirring often, until the onion is translucent.
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9
Stir in the rice and 1 1/2 teaspoons salt.
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10
Cook about 2 minutes, stirring continuously, until the rice just begins to toast and the grains of rice have a white dot at their center.
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11
Pour in the white wine, and once it has evaporated, quickly add 1 cup of the hot stock and stir continuously.
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12
When the stock is completely absorbed, begin adding the liquid in 1 cup batches, stirring all the time, with a wooden spoon, back and forth in a rhythmic motion.
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13
Wait for each batch of liquid to be absorbed before adding the next.
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14
The rice should be bubbling and quickly absorbing the liquid.
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15
After about 15 minutes, taste the rice for tenderness.
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16
It should be slightly but not too al dente.
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17
The risotto may need more liquid and more time, so keep cooking until its done.
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18
It should be neither soupy nor dry; each grain of rice should be coated in a flavorful starchy sauce.
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19
When the rice is almost done, turn off the heat.
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20
Let the risotto rest for a minute or two, then quickly stir in the remaining 2 tablespoons butter and the parsley (and Parmigiano-Reggiano if you are using it).
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21
Taste for seasoning.
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22
The rice will keep absorbing liquid, so add a little more stock if it seems dry.
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23
Spoon the risotto into a serving bowl.
