Step 1

Season the beef with salt and pepper

Step 2

Sprinkle with 2 tablespoons of the flour and toss to evenly coat

Step 3

Heat the olive oil in a large Dutch oven over medium heat

Step 4

Add the bacon and cook, stirring occasionally, until browned, 6 to 8 minutes

Step 5

Remove with a slotted spoon and set aside

Step 6

Drain all but 1 tablespoon of the fat from the pot

Step 7

Add the beef and brown in small batches, 2 to 3 minutes per side

Step 8

Remove the beef from the pot and set aside

Step 9

Add the carrots, onions and celery and season with 2 teaspoons each salt and pepper

Step 10

Cook, stirring occasionally, until the onions are translucent, about 10 minutes

Step 11

Stir in the garlic and cook an additional 1 minute

Step 12

Add the bay leaves

Step 13

Stir in the tomato paste and cook for 2 minutes

Step 14

Add the pearl onions, thyme and reserved bacon and beef

Step 15

Add the wine plus 1 to 2 cups of water (enough to cover the beef) and bring to a simmer

Step 16

Simmer, covered, until the beef is very tender, about 1 ½ hours

Step 17

Add the mushrooms to the stew

Step 18

In a small bowl, use a fork to combine the softened butter with the remaining 2 tablespoons flour

Step 19

Push the flour mixture through a strainer into the stew

Step 20

Bring to a boil, then reduce to a low simmer

Step 21

Cook until the broth is slightly thickened, about 20 minutes

Step 22

Ladle into individual bowls over mashed potatoes, if you like, and serve