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PREPARE AHEAD:
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1. With a cleaver or sharp knife, trim away and discard all the fat from the beef. Cut the meat into 1˝-inch cubes and pat them thoroughly dry with paper towels.
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2. Combine the water, soy sauce, wine, sugar and salt in a small bowl.
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3. Have the beef, the liquid mixture and oil within easy reach.
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TO COOK:
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1. Set a 12-inch wok or 10-inch skillet over high heat for about 30 seconds. Pour in 2 tablespoons of oil, swirl it about in the pan and heat again for 30 seconds, turning the heat down to moderate if the oil begins to smoke.
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2. Drop in half of the meat cubes and stir-fry over high heat for 2 minutes, or until the pieces are lightly brown on all sides.
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3. Then transfer them with a slotted spoon to a heavy 2- to 3-quart saucepan. Add the remaining 1 tablespoon of oil to the pan and brown the rest of the meat.
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4. When the cubes are browned, return the first batch to the pan, add the liquid mixture and toss together thoroughly so that the meat is well moistened. Bring to a boil over high heat, cover the pan and reduce the heat to low.
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5. Let the meat cook for about 1˝ hours, adjusting the heat to keep the liquids simmering slowly and stirring occasionally to prevent the meat from sticking to the pan.
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6. The liquid will reduce to about ˝ cup of rich sauce. Serve the meat on a heated platter with its sauce poured over it.
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