Preheat oven to 300°F
In a large Dutch oven or heavy-bottomed pot, cook the bacon over medium-low heat until brown and crisp, about 10 minutes
Transfer to a medium bowl and set aside. (Don’t drain Dutch oven.)
Pat beef dry and season liberally with salt and pepper
Working in batches, sear beef on all sides until browned, 8-10 minutes
When beef is browned, transfer to bowl with bacon and set aside
Add chopped onions and carrot to Dutch oven and cook until soft, about 10 minutes
Stir in garlic and tomato paste and cook 2 minutes more
Stir in flour and cook for 1 minute before stirring in Cabernet Franc and beef broth
Add thyme and bay leaf, the browned beef and bacon
Cover and transfer pot to the oven
Cook 1 1/2 to 2 hours, until beef is very tender, stirring half way through
Meanwhile, heat oil in a large skillet over medium heat
Add pearl onions
Cook until soft and golden, about 5 minutes
Add mushrooms and cook until soft, 7 minutes more
Stir onions and mushrooms into stew
Discard bay leaf and thyme sprig
Season with salt and pepper as needed
Serve and enjoy!
