Combine shallots, wine, vinegar, 1 tablespoon tarragon, and 2 pinches pepper in a small pot set over medium heat, and reduce to about 2 tablespoons. Set aside to cool.
Beat the egg yolks with 2 tablespoons water over low heat for about 2 to 3 minutes or until they become thick and foamy. Add the butter, about a tablespoon at a time, whisking until the mixture thickens and increases in volume.
Add the cooled shallot mixture, chervil, and the remaining tarragon. Season with salt and pepper, and stir to combine.
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