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Prep & sear the beef:
Pat beef dry, season with salt and pepper, then toss with flour.
In a Dutch oven or heavy pot, heat olive oil. Sear beef in batches until browned. Set aside.
Cook the bacon & veggies:
In the same pot, cook bacon until crispy. Add onions, carrots, and garlic. Cook until soft.
Stir in tomato paste, then add the beef back in.
Deglaze & simmer:
Pour in red wine, scraping up any browned bits.
Add beef stock, bay leaf, thyme. Bring to a simmer.
Slow cook:
Cover and simmer on low heat for 2.5 to 3 hours, or bake at 325°F (160°C) in the oven.
The beef should be fork-tender.
Cook mushrooms & pearl onions:
In a separate pan, sauté mushrooms and pearl onions in butter until golden. Add them to the pot in the last 30 mins of cooking.
Finish & serve:
Taste and adjust seasoning. Serve over mashed potatoes, egg noodles, or crusty bread.
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