Step 1: In a stainless bowl over simmering water or in top of a double boiler, vigorously and continuously whisk together egg yolks, cold water and lemon juice until mixture thickens and is doubles in volume.
Step 2: Continue whisking; gradually drizzle in warm clarified butter, salt and cayenne. Mixture should thicken and double again in volume.
Step 3: Remove from heat. Salt and pepper to taste. Keep in warm spot until ready to serve. If sauce gets too thick whisk in a couple of teaspoons of warm water at at time until desired consistency is reached.
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