In a 7.5 Qt Dutch Oven cook the bacon until just crispy and remove leaving fat in pan
Pat the beef cubes dry. Brown room temperature top round cubes in batches so you do not crowd the pan. Remove to bowl with bacon bits
Sautee the carrots and diced onions in the remaining oil about 4 minutes. Add garlic and sautee 1 minute. Add the olive oil and flour and cook over medium heat for about 3 minutes stirring constantly so you do not burn the flour.
Pour the stock and red wine into pan stirring and breaking up the bits from the bottom of the pan. Add the beef and bacon back into pan. Stir in tomato paste, bay leaves, parsley and thyme.
Cover and transfer to the oven. Cook 90 Minutes add the pearl onions. Re Cover and cook 75 minutes.
Heat a cast iron skillet to very hot then add the butter and mushrooms. Cook at high temp until nicely browned. Then add the mushrooms to Dutch oven for last 15 minutes cooking time.
Remove from oven and check the thickness of the "gravy". It should coat the back of a spoon. If to thin simmer uncovered for a few minutes to reduce. If it is to thick thin slightly using beef stock
I serve this over "No Yolk" egg noodles or mashed potatoes