1. In a heavy medium saucepan melt butter over low heat.
2. Add onion and cook stirring for 7 minutes.
3. Add rice and saute over medium heat stirring for 2 minutes.
4. Add hot water and stir once.
5. Add bay leaf, salt and pepper then bring to a boil.
6. Cover and simmer rice over low heat without stirring for 20 minutes. Discard bay leaf.
7. Dice bell pepper.
8. A short time before serving peel, pit and dice avocado.
9. Add thyme, red pepper, oil and avocado to rice and stir gently with a fork.
10. Gently stir in about half the toasted almonds.
11. Transfer to a serving dish and sprinkle with remaining almonds.