Preheat oven to 300 degrees.

Heat a large heavy bottomed soup pot or Cast Iron Dutch Oven* over medium flame. Add the bacon pieces and cook until they begin to crisp. Use a slotted spoon to remove the bacon when cooked and reserve to add back in later.

Pour off and reserve all but one tablespoon of the bacon fat and return the pan to the heat. Make sure the beef is patted dry with a paper towel or it will not properly brown. Season the beef with salt and pepper and add half of it to the bacon fat, searing it in batches to avoid crowding the pan. Cook, stirring every minute or so, until the beef is browned on all sides. Remove the cooked beef to a plate and repeat with the remaining meat, adding another tablespoon of the bacon fat if necessary. When the beef is done, set it aside while cooking the vegetables.

Add another tablespoon of the bacon fat to the pan, heat, and add the onions. Cook for 3-4 minutes until the onions begin to soften and then add the carrots and minced garlic and cook for another 3 minutes.

Return the seared beef to the pot with the cooked bacon. Sprinkle the meat with the flour over medium heat. Stir the pot until the flour begins to lightly brown.

Add the tomato paste to the pot, half of the fresh thyme and the bay leaf, and stir into the cooked vegetables and meat.

Add about a cup of the wine to the pan to deglaze the pan and let it cook for 2 minutes.

Add the rest of the wine and enough of the stock (about 1.5 cups) to cover the meat. Bring the liquid back to a low simmer, cover the pot, and place it in the oven. The sauce will have thickened slightly from the flour.

Cook in the oven until the meat is tender, at least two to two and a half hours. Check every hour to make sure the sauce has not reduced too much. If needed, add just enough stock (or water if you run out) to keep the meat and vegetables covered.

While the beef is cooking, sauté the mushrooms in olive oil or butter and set aside.

If the pearl onions are not already peeled and cooked, blanch them in boiling water for 1 minute and then cool them in ice water. Cut the tips off each end and peel. Saute the peeled pearl onions in butter until lightly browned and then add a cup of chicken stock and cook until tender.

About 15 minutes before serving, or when reheating if serving later, fold the mushrooms and onions into the beef. These are added last because they would otherwise fall apart in the long cooking time. Sprinkle in the chopped parsley and remaining thyme right before serving.

Serve over mashed potatoes, noodles, rice or simply on its own with a nice glass of red wine.