Step 1

Preheat the oven to 325 degrees F.

Step 2

Put a large, heavy-bottomed, ovenproof pot over medium heat and add the bacon. Cook until crisp, 5 to 7 minutes. Remove the bacon from the pot and reserve for serving.

Step 3

Pat the beef dry and season it with salt and pepper. Turn up the heat under the pot to medium high and brown the beef on all sides in batches, 4 to 5 minutes per batch. Remove the meat from the pot and set aside. If there is a lot of oil left, pour off all but 2 tablespoons.

Step 4

Add the onion, celery and finely chopped carrot to the pot and cook until the vegetables begin to wilt, 5 to 6 minutes. Stir in the tomato paste, flour and garlic and cook for another minute or Pour in the wine, whisking to combine, and bring to a boil. Add the mushrooms, pearl onions and 1-inch carrot pieces. Return the beef to the pot. Pour in enough broth to just cover the meat and bring to a simmer. Cover and put into the oven. Cook until the beef is tender, 1 1/2 to 2 hours.

Step 5

Skim off any excess fat from the top of the stew and serve garnished with parsley and the reserved bacon.