Halve the onions, cut off the ends, then peel and cut into thin slices (cut parallel to the onion fiber).In a large heavy-bottomed pot or pot over medium-high heat, add 2 tablespoons olive oil and 2 tablespoons butter. Add the sliced onions and fry, uncovered, stirring occasionally, for 10 minutes.
Sprinkle the onions with 1/2 teaspoon sugar to help them caramelize faster. Cook, uncovered, for another 30 to 40 minutes, stirring occasionally, until the onions are caramelized and golden brown. Stir more often toward the end to prevent the onions from burning.Once the onions are caramelized, add the minced garlic and sauté for another minute.
Add 1/2 cup sherry and deglaze the pot, scraping the bottom. Continue stirring until all of the sherry has reduced (about 3 minutes over medium heat).
Add 8 cups beef broth, 1 bay leaf, thyme and 1 teaspoon salt. Partially cover and simmer for 30 minutes to allow flavors to blend.Add another 1/2 teaspoon of salt and 1/2 teaspoon of black pepper, or season to taste, then remove from heat.
How to prepare crouton topping: While the soup is cooking, preheat the oven to 200°C. Cut the baguette into 1/2 inch thick slices. Lightly brush both sides with olive oil, place on a baking sheet and bake for 6-8 minutes, until the edges are golden brown.
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