1 cup milk
1 cup water
1 cup sugar
1-1/3 cups Dutch cocoa
4 ounces semisweet chocolate, chopped (use a high-quality chocolate bar, not chocolate chips)
Place all ingredients in a large, heavy-bottomed saucepan, and place over medium-low heat. Whisk frequently. As soon as the chocolate melts and the mixture comes to a boil, it’s ready. Remove from heat at once.