Questions:

Please tell me exactly what filet mignon is. I know it is beef, but I have heard several versions of what it is.
 
My question is - Does Beef Tenderloin have to be wrapped in Bacon before it can rightfully be considered Filet Mignon?  I have heard both that it does have to be wrapped in bacon and that it is merely the cut of meat.  Could you help shed some light in this for me?

Filet Mignon or Tenderloin Steak is a cut of meat that is considered the king of steaks because of its tender, melt in the mouth texture.  It comes from the small end of the tenderloin (called the short loin) which is found on the back rib cage of the animal. Because this area of the animal is not weight-bearing,  the connective tissue is not toughened by exercise resulting in extremely tender meat. Filet mignon slices found in the market are generally one to two inches thick and two to three inches in diameter, but true mignons are no more than one inch in diameter and are taken from the tail end.

 

Answer: 

The term "filet mignon" is a French derivative, the literal meaning is small (mignon) bone-less meat (filet). Cut from the small end of the beef tenderloin.

Depending upon what part of the United States you're in, the tenderloin muscle of the cow or short loin, becomes Filet Mignon, Chateaubriand, Tournedos, Medallions, or Filet de Boeuf. Filet Mignon is also know as Tenderloin Steak (in fact most often I see it as Tenderloin Steak).