Heat olive oil in a large stockpot over medium heat. Add onion and saute until fragrant, 3 to 4 minutes. Add garlic and cook for 30 seconds more.
Add chicken stock, water, ham hocks, vinegar, and peppercorns to the pot. Increase heat to high and bring to a boil. Reduce heat and simmer for 1 hour.
Strain solids out of the pot and increase heat to high. Add collards and return to a boil. Add bacon and reduce heat to a simmer. Continue to simmer until greens are tender, about 1 hour.
Ladle collards into bowls with a little stock and serve.
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