Cut beef into large chunks and pat dry with paper towel
Use a cast iron large Dutch oven — I use my large Le Creuset it’s perfect!
Add olive oil and heat until hot then add pancetta. Sauté until medium brown and then drain with a slotted spoon onto a paper plate. About 10 minutes
Sear the meat in the pancetta grease in groups until browned evenly on all sides. Then transfer to a plate or bowl and let rest.
Add the carrots and the onions on medium heat to the pancetta/beef grease and sauté for 10 minutes until golden brown.
Return the pancetta, meat and add salt and pepper. Cook until meat juices evaporated. Sift in flour, 1 Tbs at a time mixing constantly.
When mixed, cover and put in oven x 5 minutes. Take out and stir then leave cover OFF and put back in oven for an additional 5 minutes. Remove from oven and put on stove. Turn oven temperature down to 265 degrees.
Pour wine and beef broth into Dutch oven.
Mix tomato paste with 3 additional Tbs of beef broth until smooth then add to Dutch oven.
Tie thyme sprigs and rosemary sprig with twine and place in Dutch oven. Add the bay leaves.
Add minced garlic.
Bring to simmer for 5 minutes.
Cover and place Dutch oven in oven at 265 for 3 hours.
20 minutes before removing Dutch oven from the oven prepare onions and mushrooms:
For onions:
Add butter, oil and bay leaf in a sauté pan on medium heat. Add pearl onions and broth and cook for 20-30 minutes until soft.
For mushrooms:
Add oil butter and garlic to sauté pan. Add mushrooms and beef broth. Pour in wine and sauté for 20 to 30 minutes until soft.
Remove Dutch oven from the oven. Take all meat out of Dutch oven and set aside to rest in a large bowl or plate. Remove the herb Bouquet and bay leaves and stain all liquid into another large sauté pan. Strain mushroom and onion mixtures into reserved liquid. Blend the liquid with an immersion blender for two minutes. Sauté on medium to high heat until liquid thickens and coats the back of a spoon.
Place meat and strained vegetables back into Dutch oven. Place on low heat. Add mushrooms and onions snd stir while sauce is thickening.
Serve meat with mashed potatoes or rice. Ladle sauce over meat mixture and serve.