In a food processor, pulse the onion, carrot, and celery until finely chopped.
In a large saucepan heat the butter and olive oil over medium heat. Add to it the chopped vegetables and bacon or pancetta. Cook, stirring often, for 5 minutes, or until onion is softened. Add the ground beef to the vegetables and continue cooking, stirring freqently, until beef is no longer pink. Add garlic and cook for 1 minute longer. Stir in the tomatoes, tomato paste, wine, water, parsley and basil, salt, and pepper. Cover and simmer over low heat for 1 hour, until sauce is thick. Serve with hot cooked farfalle, spaghetti, or use for sauce in your favorite lasagne recipe.
Serve with plenty of good Parmesan cheese.
Calories per serving (not including Parmesan cheese or pasta): 405