Step 1

Adjust the oven rack to the center position and preheat the oven to 325°F.

Step 2

Pat the beef dry with paper towels and put it on a cutting board. Use a sharp knife to trim off and discard any visible outer fat, then cut the meat into a couple of large pieces where it naturally seems to be separating. Cut these larger chunks into 1½- cubes (no smaller—if you make them too small, they will cook too quickly and toughen). Sprinkle the meat with the salt and a liberal amount of pepper.

Step 3

Place an ovenproof soup pot or a Dutch oven over medium-high heat. After about a minute, add 2 tablespoons of the olive oil and swirl to coat the pan. Carefully add half of the beef cubes, and cook, undisturbed for about 3 minutes. (If you crowd the pan with all the meat, it will steam in its own juices instead of browning.) You will know it is browned properly when it no longer seems to stick to the pan when you nudge a cube with tongs.

Step 4

Use tongs to carefully turn the cubes to another side and continue browning for about 8 minutes, turning the pieces as they cook until they’re deep golden brown on all sides. Transfer the browned meat to a medium-large bowl and set aside. If the pan looks dry and the bits left on the surface seem to be burning, add a little more olive oil to the pan. You want a thin film over the entire surface. Add the remaining meat and brown as described. Transfer to the bowl and set aside.

Step 5

Without cleaning the pan, pour in a little more olive oil (just enough to coat the bottom). Add the onions and cooks, stirring occasionally, for 5 minutes, or until the onions begin to soften.

Step 6

Sprinkle the flour over the onions and stir to combine. Cook for 2 minutes, stirring occasionally. Then slowly whisk in 3 cups of the broth. (It will make a thick sauce for a moment before thinning out.)

Step 7

Whisk in the tomato paste, garlic, and thyme, and add the bay leaves. Return the browned beef to the pot and check to see that the liquid reaches the top of the meat. If not, add a bit more broth or bouillon. Bring to a boil over high heat.

Step 8

As soon as the liquid reaches the boiling point, turn off the heat. Cover the pot tightly with foil and cover that with a lid, too, if you have one that fits tightly. (You want to capture all the steam as the meat cooks.) Transfer the pot to the oven and cook, undisturbed, for 1 hour.

Step 9

Carefully open the pot (to avoid getting burned by the steam that will escape), and stir in the potatoes and carrots. Cover again with the foil and lid, and return the pot to the oven for another 1 hour of cooking.

Step 10

. Remove the pot from the oven and let the stew sit, still covered, for 10 minutes before serving. Remove the bay leaves. Serve hot or warm.