Fry bacon in a medium hot saute or frying pan until crisp. Place on layers of paper towels to drain excess fat. Chop or crumble into pieces. Drain off excess fat but do not wash the pan.
While bacon is cooking trim the Brussels sprouts. With a paring knife, cut a little off the bottom of the sprout, then peel off any damaged leaves. Cut sprouts in half from top to bottom. Slice shallot into rings. Cut both ends off the shallot, cut in half lengthwise and lay flat. Cut crosswise into thin half rings.
Next, add the sprouts, cut side down. Allow them to cook until golden brown. Stir sprouts and add shallot, garlic and thyme. Cook a minute or two until soft. Add 1 cup broth and cover with a lid. Turn heat down to low. Cook sprouts until tender when pierced with the tip of a paring knife. It will take just a few minutes. Watch pan to prevent from cooking dry. If it does, add a little more broth. When sprouts are done, add cranberries, bacon, nuts, taste and add a little salt and pepper and serve.