In a small skillet or sauté pan, melt a good knob of butter in a drizzle of olive oil, then add the shallot and let it sauté gently for a minute or so. Add the fennel, along with a few drops of water into the pan. Cover and simmer very gently until the fennel is just tender, about 2-3 minutes. Uncover and if there's any residual liquid, raise the heat and cook it off, taking care not to brown the fennel at all. Remove from the heat and set the fennel aside.