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Place a heavy large pot over medium heat.
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Drizzle the oil into the hot pot and add the onions.
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Cook the onions for 1 hour, or until they are golden, stirring often.
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Once the onions become very soft they will begin to stick to the bottom of the pot and turn a caramel brown color.
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As this occurs, scrape the browned onions from the bottom of the pot and stir them into the remaining onion mixture.
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Add the garlic, thyme, and bay leaf to the onions and cook for 5 minutes, or until the garlic softens.
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Add the red wine and sherry and stir to scrape up any browned bits on the bottom of the pan.
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Simmer for 5 minutes, or until the liquids reduce by half. Add the stock and bring the soup to a gentle simmer, skimming any foam that rises to the top. Season the soup lightly with salt and pepper.
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Add just a bit of salt and pepper here, but not too much since the soup will reduce as it simmers and the flavors will become more concentrated.
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Allow the soup to simmer uncovered for 25 minutes. Season the soup to taste with more salt and pepper.
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Preheat the broiler on high.
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Arrange the sourdough bread slices on a baking sheet and broil for 2 minutes or until golden brown on top.
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Divide the soup among 6 high-sided ovenproof serving bowls. Place the bowls of soup on a heavy baking sheet.
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Place one bread slice, toasted side down, on top of each bowl of soup. Divide the cheese among the soup bowls and sprinkle with parsley.
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Place the soup bowls under the broiler for about 3 minutes, or until the cheese melts and is golden brown.
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Remove from the broiler and serve.