Soak dried mushrooms in 1 cup of hot water for 15 minutes. Add hot water, mushrooms, red wine, thyme, bay leaf, and peppercorns to a sauce pot and place over medium heat. Reduce the wine by half, and then strain out the mushrooms, herbs and spices. Refrigerate whatever you don't use. Goes great with beef.
* For a stronger mushroom flavor you can use more dried mushrooms but you will have to increase the amount of hot water used to soak the mushrooms slightly.