Heat the butter and oil in a large, heavy pot or Dutch oven over medium heat. Add the fennel, onion, carrots, potato, thyme and bay leaf. Season with salt and pepper. Reduce heat to medium-low, cover and cook. Stir the vegetables occasionally and reduce heat if needed. Cook the vegetables until they’re soft, but not browned and have released their moisture, about 30-45 minutes (this is called sweating the vegetables).