Pat the beef pieces with a paper towel to absorb excess moisture – dry beef browns better than wet beef. Toss the beef in a large bowl with the salt, pepper, garlic and thyme. Marinate at room temperature for about an hour, or cover and refrigerate overnight.

Heat oven to 325 degrees. Place a large, ovenproof casserole or Dutch oven on the stovetop over medium-high heat. Add the olive oil and let it heat for a minute or two. Arrange a third of the beef in a single layer on the bottom of the pan and brown on all sides – this will take about 10 minutes. This is an important step; adding all the beef at once will steam rather than brown the meat. What you want is a nice dark brown color on the exterior of the beef, so try not to fiddle with it until you see the juices beginning to brown – be patient! Remove browned beef to a platter and repeat with the remaining beef.

Put all the beef back into the pot and sprinkle with flour, stirring to coat evenly. Cook for a few minutes to lightly cook the flour. Pour in the wine and enough stock to just barely cover the beef. Stir in the tomato paste and toss in the bay leaf and bacon. Lay a sheet of parchment paper {or aluminum foil} over the pot and top with the lid.

Transfer the whole thing to the oven and cook for 1 hour. Take a peek to be sure that the liquid is not boiling madly; it should be gently bubbling. Adjust the oven heat by 25 degrees as needed, up or down. Continue cooking another 2 hours or so, until the beef is very tender when you poke it with a fork.

While the beef is in the oven, sauté the shallots in a 10-inch skillet lightly coated with olive oil until they begin to brown. Add a pinch of salt and the mushrooms, stirring frequently, until mushrooms are softened. Set aside.

Put the carrots in the same skillet with ¼ cup water and a pinch of salt. Bring to a simmer and cover the pan. Cook until the carrots are tender, about 15 minutes. Drain the carrots and add to the mushroom mixture.

When the beef is ready, stir in the carrots and mushrooms. Taste the sauce and season with additional salt and pepper as necessary. Sprinkle with thyme and parsley to add some green. Serve in bowls with Garlic Mashed Potatoes and warm, crusty bread.