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3 pounds red Swiss chard, rinsed, leaves and stems separated
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2 tablespoons unsalted butter
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2 tablespoons extra-virgin olive oil
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8 large shallots, finely chopped
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Salt and freshly ground pepper
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Coarsely chop the chard leaves. Peel any strings from the thick stems as you would celery, then cut the stems into 1-inch pieces.
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Bring a large pot of salted water to a boil. Meanwhile, in a heavy medium skillet, melt the butter in the olive oil. Add the shallots and cook over moderate heat, stirring occasionally, until softened, about 5 minutes. Season with 1/2 teaspoon each of salt and pepper.
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Add the chard stems to the boiling water and cook until tender, about 5 minutes. Using a slotted spoon, transfer to a bowl. Add the leaves to the pot and cook until tender, about 2 minutes. Drain well in a colander and transfer to another bowl.
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Rewarm the shallots. Stir half into the chard stems and half into the leaves and season both with salt and pepper. Make a ring of the stems on a large platter and pile the leaves in the center.
Make Ahead
The chard can be refrigerated for up to 1 day; keep the stems and leaves separate.