Heat in a large, heavy saucepan over medium heat:
      1 tablespoon unsalted butter
      1 tablespoon olive oil
Add:
      1 medium onion, cut into 1/2-inch pieces
      1 red bell pepper, cut into 1/2-inch pieces
      1 green bell pepper, cut into 1/2-inch pieces
      1 celery stalk, cut into 1/2-inch pieces
      1 bay leaf
      2 teaspoons dried thyme
      1/2 teaspoon salt
Cover and cook, stirring occasionally, until the vegetables are softened, about 10 minutes. Add and cook, stirring, for 2 minutes:
      3 cloves garlic, minced
Add and cook, stirring, for 1 minute:
      2 tablespoons tomato paste
Add and cook for 5 minutes more:
      1 cup canned tomatoes, crushed
Add:
      1 1/2 cups chicken stock or fish
      1 teaspoon salt
Bring to a simmer, cover, and simmer for 25 minutes. The sauce can be made 1 day ahead; in fact, the flavors tend to blend and mellow overnight.
Shortly before serving, heat in a large, heavy pan over high heat until the oil is smoking:
      1 tablespoon olive oil
Meanwhile, dust:
      1 1/4 pounds large shrimp, in their shells
with:
      1/2 teaspoon ground red pepper
      1/4 teaspoon salt
Add about half the shrimp to the hot oil and cook until the shells turn red, about 1 minute per side. Remove the shrimp. Heat in the same pan:
      1 tablespoon olive oil
Cook the remaining shrimp and remove. Let the pan cool for a few minutes. Return the shrimp to the pan and add the sauce along with:
      6 ounces smoked ham, sliced thick and cut into 1/2-inch pieces
Bring to a simmer and cook just until the shrimp are done, about 2 minutes. Stir in:
      3 tablespoons dry sherry
      1/2 teaspoon hot red pepper sauce
Top with:
      2 tablespoons chopped yellow celery leaves
Serve with:
      Hot cooked rice