Raise heat to very high and cook for 3-4 minutes, shaking pan.

Raise heat to high, and bring mixture to a boil.

Add all but a tablespoon of sherry and raise heat to high.

A minute later, add peppers and raise heat to high.

Add 4 cups water, raise heat, and bring to a boil.

Add wine, and raise heat to bring to a boil.

Remove bread, add stock and raise heat to medium high.

Raise heat to medium-high, and reduce quickly to 1/3 cup.

Raise heat to high for 30 seconds, and then turn it off.

Add the broth, raise heat and simmer for 20 minutes.