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In a large sauce pan, bring broth and water to boil over medium-high heat.
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Stir in salt (if using) and baking soda.
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Slowly pour polenta into water in steady stream, while stirring.
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Bring mixture to boil, stirring constantly, about 1 minute.
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Reduce heat to low and cover.
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After 5 minutes, quickly and briefly whisk polenta, smoothing out any lumps.
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Take care to mix thoroughly, the sides and bottom included.
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Cover and cook, without stirring, about 25 minutes longer.
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Remove from heat, stir in butter and Parmesan, and season to taste with black pepper.
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Let stand, covered, 5 minutes.