In a large pot, add approximately 3 quarts of water (more or less depending on how big your collard bunch is). Bring water to a boil, and mix bullion, all salts, and black pepper. Reduce heat and let simmer while you prepare the greens.
Wash greens thoroughly. Strip away stems that run down the middle of the leaf from the greens (tearing them from top to bottom, away from the stems). Stack the leaves together (I found about 8 -10 works) and roll them up, and slice them into 1" slices. Add the stripped and cut greens to the pot. Add margarine and pepper sauce or ground cayenne pepper to taste. Cover pot, and simmer for about 1 hour, stirring occasionally.