Weight out your butter and lard. Cut into small pieces and place in the freezer to get really cold.
Mix together all the dry ingredients (flour, salt, baking soda, baking powder) in a large mixing bowl.
Pull the butter and lard from the freezer and add it to the mixing bowl. Using your finger mix the fat into the bowl until the flour has a coarse texture throughout.
Make a well in the center of the bowl, and add in your buttermilk.
Sitr just until a dough comes together. Don't overwork it. It doesn't need to be perfect smooth.
Start in the bowl folding the dough over on itself 2 times. Then remove to a well floured surface.
Fold the dough over on itself 8 more times, making sure to turn the dough 90 degrees between folds.
With your hands, no rolling pin needed, press the dough into a recentangle that is about 1 inch thick.
Using a 2 1/4 inch doughnut cutter, make as many bonuts as you can. With a 1 1/4 inch doughnut cutter, cut a hole in the middle. Save the holes, you'll fry them too.
You can re-coll the leftover dough to make more bonuts. Trying to make as many as you can get. They may not look as good as the first batch but they will be delicious.
Heat your oil in a large Dutch oven or large pot to 350 degrees. Use a candy/fry thermometer to keep track of the temperature. You could also use an infrared to check it.
Add 3 or 4 bonuts into the hot oil. If you have chopsticks use them, they make it easy to add to the oil and make it easy to flip the bonuts. Cook 1 1/2 to 2 mintues per side or until brown and flip. Remove fried bonuts to a sheet pan with a cooling rack on it.
Fry in batches until all the bonuts are cooked. Don't forget to fry the holes too.