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1
Set a comal or dry heavy skillet over medium heat. Spread the dried shrimp in a single layer and toast, turning frequently, until the shells turn a deeper pink and a nutty, oceanic aroma rises from the pan — 2 to 3 minutes. Do not allow them to scorch.
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2
Transfer the toasted shrimp to a bowl. Pour the hot water over them, add the dried bay leaf, and leave to soak for 20 minutes. Lift out the shrimp; discard the bay leaf but retain every drop of the soaking liquid.
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3
Combine the rehydrated shrimp, the reserved soaking liquid, the tomatoes, and the softened chile colorado in a blender. Process to a coarse, pourable broth — not a smooth purée. The texture should remain visibly loose, with flecks of shrimp suspended throughout.
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4
Melt the lard in a deep saucepan over medium-high heat. Pour in the blended sauce in one motion — it should sizzle sharply on contact. Fry, stirring constantly, until the raw smell dissipates and the sauce darkens by two shades and begins to pull away from the sides of the pan. This is where the dish lives or dies: insufficient frying leaves a raw, flat base; correct frying builds the deep, rounded flavour that defines the caldillo.
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5
Pour in the stock, stir to integrate, and bring to a gentle simmer. Add the diced potato and cook until just yielding when pierced with a knife tip — approximately 10 minutes.
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6
Add the fresh shrimp. Simmer for no more than 10 minutes, until the shrimp are opaque and curled but still tender. Taste and correct for salt before serving.