1. Melt the butter in a small pan and let it cool for a few minutes; skim off any foam.
2. In a metal bowl mix the egg yolks with the water and a pinch of salt.
3. Set the bowl over gently simmering water (the bottom must not touch the water) and whisk until the mixture is frothy, pale and slightly thick.
4. Take the bowl off the heat and, whisking constantly, add the warm butter drop by drop at first, then in a thin stream.
5. Season with lemon juice, white pepper and a pinch of nutmeg.
6. Serve immediately with asparagus, poached eggs, fish or steamed vegetables.
Tip: If the sauce splits, whisk a fresh egg yolk with a spoonful of water in a clean bowl and slowly work in the split sauce.
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