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Preheat oven to 350°F. Heat oil in 5-quart Dutch oven on medium heat. Add beef in batches; cook until browned on all sides. Remove beef. Add bacon to Dutch oven; cook and stir until lightly browned. Add carrots, garlic, thyme and bay leaf; cook and stir 5 minutes.
Mix stock, wine, flour and tomato paste in medium bowl until well blended. Add to Dutch oven. Bring to boil. Add beef, mushrooms and onions; mix well. Cover.
Place Dutch oven in oven. Cook 1 1/2 hours or until beef is tender. Remove bay leaf before serving.