Saute shallots, chili flakes and black pepper in the olive oil until shallots are soft.
Add thyme, port port wine, balsamic vinegar and broth. Bring to boil and simmer until it is reduced by at least half (for a more concentrated sauce simmer until desired taste is achieved). Strain solids and press as much liquid as possible. Discard the solids and add butter. Once cooled it can be refrigerated 24 to 36 hours ahead.
Use with mashed potatoes and meatloaf. After baking the meatloaf, glaze with sauce, then thicken the rest with cornstarch and use as gravy. OR just eat with a spoon!!!