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Preheat oven to 325 degrees F.
Season beef chunks with 1 1/2 teaspoons Kosher salt and 1 teaspoon ground black pepper. Heat some olive oil over high heat in a large Dutch oven or a heavy oven-proof pot, and sear beef on all sides until nicely browned. Do this in batches to not overcrowd the pan and to prevent steaming. If you notice that it begins to steam up, remove the excess liquid and continue browning.
Transfer the browned meat to a plate and set aside. It will not be fully cooked at this point. Leave the brown bits, don’t wipe the pot clean.
Over medium heat, add some olive oil, onion, garlic, and carrots to the same Dutch oven and cook for about 5 minutes, stirring occasionally. Add fresh thyme, tomato paste, and Worcestershire sauce, and cook until slightly softened, about 2-3 minutes.
Add red wine, scraping the browned bits, and cook until reduced, about 3 minutes. If you don’t want to use wine, you can use beef broth. Quick tip: use a wooden spoon to avoid scratching the Dutch oven or pot.
Add flour and stir to coat. Add 4 cups of beef broth, and stir until the flour is incorporated and starts to thicken. Add the seared beef, cubed potatoes, and bay leaves. If too thick, add more broth as needed. Bring to a boil and then reduce to a simmer for 5-7 minutes. Adjust seasoning with salt and pepper at this point if needed.
Cover with an oven-safe lid. Finish cooking in the oven at 325 degrees F for about 1 hour and 45 minutes until the meat is tender. If desired, stir in peas 10 minutes before the cooking time is up.
Remove bay leaves before serving. Serve with some chopped parsley. Enjoy!