Finely chop the onion and garlic so they melt easily into the sauce.
In a medium saucepan, melt the butter with the olive oil. Add the onion and sauté over medium heat until translucent.
Add the garlic and smoked paprika. Stir well and cook for 1 minute, until fragrant.
Pour in the red wine, bring to a boil, and cook until the wine has reduced by half, intensifying the flavor.
Add the beef broth, reduce heat to low, and simmer for 10 minutes to allow the flavors to meld.
Pour in the heavy cream and cook, stirring constantly, for 5 minutes, or until the sauce has thickened to your desired consistency.
Season with salt and pepper to taste, and stir thoroughly.
Strain the sauce through a fine-mesh sieve for an even silkier texture. Serve immediately with freshly cooked meats.
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