Melt 2 tablespoons butter with the olive oil in skillet over medium-low heat. Add sliced shallots and saute 15 minutes, until very soft and golden. Set aside.
Put the potatoes into a large pan and cover with water. Bring to a boil, reduce the heat and simmer, covered, until tender, about 15 to 20 minutes.
Drain the potatoes. Put into a large bowl and add remaining 2 tablespoons butter, caramelized shallots, warm milk and salt. Use an electric mixer or potato masher. Serve hot.
Makes 4-6 servings.
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