Preheat your oven to 450°F (232°C) and, in a large Dutch oven, cook the bacon over medium heat until it’s golden brown.
Remove the bacon and set it aside, leaving the fat in the pot.
Add olive oil to the pot if necessary and brown the beef cubes in small batches.
Make sure not to overcrowd the pot to allow even browning.
Transfer browned beef to a plate.
In the same pot, add onions and carrots, sautéing them for about 5 minutes.
Stir in garlic and cook for an additional minute.
Add the flour, stirring to coat the vegetables.
Gradually pour in the wine and beef stock, followed by the tomato paste, thyme, and bay leaves.
Bring to a simmer, then add the beef and bacon back into the pot.
Cover and place in the oven for 2.5 to 3 hours.
While the beef cooks, sauté the mushrooms in a skillet with a bit of olive oil until browned.
Add these to the pot during the last 30 minutes of cooking.