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Boil the rice and set aside.
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Chop the onion into thin strips and mince the garlic.
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Saute the onion and garlic in the olive oil over medium heat for 5 minutes, in a large, covered pan.
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Add the butter, thyme, salt, and pepper and stir.
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Add the beef broth and turn the heat up to medium-high.
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Stir in the white wine and simmer over medium-high heat for 10 minutes, uncovered.
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While the mixture is simmering, combine the flour and cold water. Mix it in a bowl and masssage the mixture until the lumps are gone and set it aside.
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After simmering for 10 minutes, add the water/flour mixture and stir well.
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Take mixture off the heat immediately and pour over the rice in a pot or bowl. Add the cognac, mix and serve while hot.