Step 1

Heat a large (best size is 5 Q/L) dutch oven over medium-high heat. Add butter and oil. When butter stops foaming, add the beef and brown on all sides. Remove to a plate.

Step 2

In the same dutch oven, add the mushrooms and cook until they begin to brown.

Step 3

Deglaze the pan with the Madeira. Add the beef back to the pot along with the bay leaf, thyme, salt and pepper. Bring to a boil, reduce heat to simmer, cover and cook for 1 1/2-2 hours or until beef is tender.

Step 4

While beef is simmering, prepare browned onions per this method (but do NOT add the cream). When onions are browned, set aside.

Step 5

If you want a thickened gravy, combine the flour and water making sure there are no lumps. Add to the pan, stirring until thickened. Cook for 5 more minutes.

Step 6

Add the onions to the pan and heat through. Remove bay leaf and thyme sprigs (if fresh was used) before serving.