Prep the greens. Trim the watercress, wash thoroughly in several changes of water, and dry well — a salad spinner earns its keep here. Wet greens dilute the dressing. Use cultivated, food-grade watercress from a grocery store or market , not foraged. Arrange the watercress, red onion, and tomatoes on a serving platter.
Marinate the beef. Slice the steak thin against the grain (about 1/4 inch). Toss with all marinade ingredients and let sit 20 minutes at room temperature while you prep everything else.
Whisk the dressing. Combine the fish sauce, lime juice, sugar, and water, stirring until the sugar dissolves. Add the garlic and chile. Taste — it should be bright and balanced, not harsh.
Sear the beef. Heat a large skillet or wok over high heat with a thin film of oil until it just starts to smoke. Lay the beef in a single layer and cook about 2 minutes total, tossing once, until browned with no raw pink inside. Do not overcook — thin slices go from perfect to tough fast.
Check doneness. Thin slices at a hard sear reach 145°F (63°C) quickly (FoodSafety.gov safe minimum for beef) — spot-check with a thermometer.
Assemble immediately. Pour the hot beef and all its pan juices straight over the watercress. Drizzle with the dressing, scatter the peanuts and fried shallots if using, and serve right away.