Make the Stew
- Preheat oven to 325°F degrees.
- In an oven-safe pot (see notes) cook the bacon until it’s browned and the fat is rendered. Remove the bacon leaving the fat behind in the pan.
- Dry the beef thoroughly (otherwise, it won’t brown well) by patting it with a paper towel. Add the beef to the hot bacon fat and sear on all sides. Depending on the size of your pot you may need to do this in batches. Overcrowding the pan will make it difficult to get a nice sear on the beef. Once browned remove the beef from the pan and set aside.
- In the same pot, saute the sliced onion until softened and lightly browned. Add the tomato paste and stir until it’s coating the onion. Place the beef and bacon in the pot with the onion. Sprinkle the flour over the top and stir until it’s coating the beef and onions.
- Pour about 1/4 cup of the wine into the pan. As it simmers, scrape up the browned bits off the bottom of the pan. Add the rest of the wine and beef stock to the pan. Adjust the heat to medium-high and bring the liquid to a simmer. While you wait for it to simmer, add the garlic, thyme, parsley and bay leaf. Once the stew is simmering, cover the pot with a lid slightly askew, and transfer it to the oven.
- Simmer the stew for 3-4 hours in the oven (adjust the temperature up and down as needed) or until the beef is fork tender.
- Remove the beef from the stew and set aside. Using a fine-mesh sieve, strain the sauce into a saucepan, pressing on the solids to extract as much liquid as possible. Discard the solids.
- Bring the sauce to a simmer over medium heat. Simmer it for about ten minutes or until it has reduced and thickened enough to coat the back of a spoon.
- Add the beef to the sauce and stir. Transfer the beef and sauce to a container and store it in the refrigerator overnight.
Make the Pearl Onions
- Melt the butter in a 10-inch skillet over medium heat. Add the thyme sprigs and the onions, stirring to coat them in the butter. Cook the onions until they start to brown and caramelize in spots.
- Add a 1/2 cup of water to the pan and cover it with a lid. Simmer the onions in the water for about 10 minutes. Uncover the pan and continue simmering the onions until most of the water has evaporated and the onions are tender. Season the onions with the salt, transfer them to a container and discard the thyme.
Make the Mushrooms
- In the same pan, melt the butter over medium heat. Add the mushrooms and sautee them in the butter until they’ve released their moisture and are a deep golden brown. Season them with salt and transfer them to a container. Store them in the refrigerator until you are ready to serve the stew.
Assemble and Serve the Stew
- Combine the stew, mushrooms, and pearl onions in a pot. Warm it over medium heat. If needed, thin the stew with a few splashes of beef stock. Taste the stew and add more salt, if needed.