Preheat the oven to 450°F.

In a large Dutch oven, heat 2 tablespoons of the olive oil over medium-high heat. Add the bacon and cook, stirring occasionally, until it starts to brown, 5 to 7 minutes. Remove the bacon and set aside, reserving the drippings in the Dutch oven.

Dry the beef with paper towels. Increase the heat to medium-high. Working in batches to avoid overcrowding the pan, add the meat to the Dutch oven and sear until browned on all sides, about 6 minutes per batch. Set the meat aside with the bacon.

Reduce the heat to medium. Using the fat in the Dutch oven, cook the carrots and onion until softened and lightly browned, about 7 minutes. Drain any remaining fat from the pan, retaining the carrots and onion.

Return the bacon and beef to the Dutch oven and season with ½ teaspoon each of the salt and pepper. Toss to evenly distribute. Add the flour and toss to evenly coat. Transfer the Dutch oven, uncovered, to the preheated oven for 5 minutes.

Carefully remove the pot from the oven, toss all the ingredients again, and place back in the oven, uncovered, for an additional 5 minutes. Carefully remove the pot from the oven and reduce the oven temperature to 325°F.

Stir the wine, 3 cups of the beef broth, the tomato paste, garlic, bay leaves, and thyme into the beef mixture. Bring the pot to a gentle simmer over medium-low heat and cook, scraping the bottom of the pot with a wooden spoon to release any browned bits, until just the meat can be pierced easily with a fork, 3 to 4 hours.

During the last hour of cooking, in a medium skillet, melt 2 tablespoons of the butter with 1 tablespoon of the olive oil over medium heat. Add the pearl onions to the pan and cook, stirring occasionally, until browned, 8 to 10 minutes. Add the remaining 1 cup beef broth, remaining ¼ teaspoon each of salt and

pepper, and the herb bundle. Reduce the heat to low and simmer the onions in the liquid until the liquid has

evaporated and the onions are tender, about 20 minutes. Using tongs, remove the onions from the pan and set aside. Discard the herb bundle and wipe out the skillet.

In the wiped-out skillet, melt the remaining 2 tablespoons butter with the remaining 1 tablespoon oil over medium heat. Add the mushrooms and cook, stirring occasionally, until lightly browned, 5 to 7 minutes. Remove the pan from the heat and set aside.

Place a colander over a large pot. Carefully remove the Dutch oven from the oven and pour the contents into the colander so the sauce is transferred to the pot. Discard the bay leaves. Put the contents of the strainer, plus the pearl onions and mushrooms, back into the Dutch oven and cover with the lid.

Simmer the sauce, skimming off the fat, over medium heat until the sauce coats the back of a spoon, 5 to 15 minutes.

Pour the reduced sauce over the beef mixture in the Dutch oven and simmer together for 5 to 7 minutes.

Serve over mashed potatoes.

Store in an airtight container in the refrigerator for up to 5 days.