In a large saucepan over medium-high heat, combine cream, water, and hot stock; bring to a gentle boil. Add butter, salt, and pepper. Slowly add grits, stirring constantly (so that the grits do not settle to the bottom and scorch), until all are added reduce heat to medium-low. Cook for 20 minutes, stirring occasionally (be carefully not to scorch mixture), or until the grits are tender.
Grits should have absorbed all of the liquid and become soft and should have the same consistency as oatmeal (moist, not dry). If the grits become too thick, add warm stock or water to thin. Remove from heat.
Sprinkle shrimp with lemon juice, and additional salt and pepper to taste; set aside.
In a large frying pan over medium-high heat, cook bacon until brown but not crisp. Remove from heat and pat dry with paper towels; set aside until cool. Coarsely chop bacon when cool.
Reserve 4 tablespoons bacon great in the frying pan. Add onion, garlic, and green or red bell pepper; sautè 10 minutes or until the onion is transparent. Add shrimp mixture and bacon; sautè approximately 3 to 5 minutes or until shrimp turn pink, are opaque in center (cut to test). Remove from heat.
NOTE: Shrimp should always be cooked quickly in order to preserve their sweet, delicate flavors. They are very quick to cook, and the flavor can easily be ruined by overcooking. Most shrimp cook in as little as 3 minutes - when they curl and turn pink, they are done. Properly cooked shrimp are firm with a gentle curve shape (like the letter "C").
To serve, spoon hot grits onto individual serving plates and top with shrimp mixture.
To add flavor, place the shells of the shrimp in a saucepan and cover with water. Simmer over low heat approximately 7 to 10 minutes. Remove from heat and strain the broth, discarding shells. Add shrimp broth to hot stock.
** If using quick-cooking grits (not instant), reduce cream to 1/2 cup and reduce stock to 1 cup.
Creamy Shrimp and Grits Recipe: https://whatscookingamerica.net/Pasta_Rice_Main/ShrimpGrits.htm