Steps:
- Adjust oven rack to lower-middle position and preheat oven to 275°F. Combine porcini mushrooms and water in small bowl. Place a paper towel over the surface of the liquid to keep the mushrooms submerged. Let stand until mushrooms soften, about 30 minutes. Meanwhile, generously season short ribs with salt and pepper. Heat oil in a Dutch oven medium high heat until whisps of smoke barely begin to show on the surface. Add beef and cook until well browned on all surfaces, 8 to 12 minutes total. Transfer to a large plate and set aside. Return Dutch oven to medium heat and heat butter until melted. Add carrots, onion, and celery and cook stirring, until softened and barely beginning to brown, about 5 minutes. Add garlic and cook, stirring constantly, until fragrant, about 30 seconds. Add tomato paste and cook, stirring continually, until tomato paste takes on a burnished hue and starts to stick to the bottom of the pan, about 3 minutes. Add port and red wine to pan, scraping off any browned bits from bottom of pan with a wooden spoon. Bring to a boil and reduce to a simmer. Meanwhile, drain mushrooms through a strainer. Roughly chop the mushrooms, then add mushrooms and their liquid to the pot, along with chicken stock, bay leaves, and thyme. Return to a boil, cover, and transfer to the oven. Cook until completely tender, about 3 hours. Remove and discard bay leaves and thyme. Remove meat from bones, and discard bones. Skim fat from top of sauce. Bring sauce to a boil over medium heat and cook until reduced to a sauce-like, mildly thickened consistency, about 5 minutes. Return meat to the pan, season to taste with more salt and pepper, and serve immediately. (See note above for serving suggestions).
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