Put the shallot, wine, vinegar, water, peppercorns and bay leaf in a saucepan over medium heat and cook until the volume has reduced by two-thirds. Remove the pan from the heat and allow to cool. Strain the mixture through a sieve into a heatproof bowl. Add the egg yolks to the bowl and whisk by hand until the mixture is foamy.
Place a saucepan of water over lo
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