On a clean cutting board, cut up your onion. I like to cut it in half so I have half-moon shapes, then cut that in half so I get quarter-moon slices. Push aside and on the same cutting board, cut up your bacon into about 1cm long pieces.
Heat up your pot on medium-low and add the bacon. Cook until crispy. This takes about 20 minutes.
Remove bacon and set aside. Remove about 90% of the bacon fat left in the pot, but leave a little to cook the onions. Add onions into pot and cook until caramelized, about 20-30 minutes. If it looks too stuck on, add a tablespoon of water to deglaze and keep going.
Once the onions are caramelized, add the bacon back in along with all the other ingredients. Stir.
Bring pot up to a boil, give it a good stir, then reduce the heat to a low simmer. Simmer for about 45 minutes to an hour until mixture is thick and jammy. Babysit it a bit and give it a stir every 5 minutes or so. Near the end you will have to hover over the stove because it can burn quickly if you aren't paying attention.