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Remove and discard stems and center ribs from kale. Coarsely chop kale. Rinse kale with cold water. Drain well.
Toast pine nuts in 4-quart Dutch oven on medium heat 5 minutes or until lightly browned. Remove pine nuts from pan. Set aside. Heat oil in pan on medium heat. Add 1/2 of the kale; cook and stir 2 minutes. Sprinkle with seasonings. Add remaining kale and water; mix well. Cover. Reduce heat to medium-low; cook 15 minutes or until kale is tender, stirring occasionally.
Drizzle with balsamic vinegar. Sprinkle with pine nuts and Parmesan cheese.