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1
Soak the porcini in 3 cups hot water until very soft, about 30 minutes.
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2
Coat a large wide saucepan generously with olive oil and bring to medium-high heat.
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3
Add the onion and red pepper and season with salt; cook until the onion is soft and aromatic, 8 to 10 minutes.
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4
Add the garlic and cook for 2 to 3 minutes more.
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5
Add the fresh mushrooms, season with salt, and saute until soft, 8 to 10 minutes.
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6
Add the wine and continue cooking until reduced by half, 5 to 6 minutes more.
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7
Using your hand, scoop the porcini out of the soaking water, being careful not to disturb the wateryou want the crud to stay settled.
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8
Put the porcini in a food processor, ladle in about 1/2 cup of the soaking liquid, and puree to a very smooth paste.
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9
Add the porcini paste, 2 cups of the porcini water, and 1 cup of the stock to the pan; toss in the thyme bundle and the bay leaf.
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10
Taste and season with salt if needed.
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11
Bring the liquid to a boil (BTB) and reduce to a simmer (RTS).
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12
Simmer for 25 to 30 minutes, adding more stock if needed; this sauce should be saucy but not soupy.
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13
Remove the thyme bundle and bay leaf before serving.
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14
Serve tossed with pasta or gnocchi or over polenta.