Preheat the oven to 350°F (175°C).

Render the bacon: Add bacon to your 5 qt Dutch oven over medium-low heat. Cook until browned and fat is rendered. Remove with a slotted spoon and set aside.

Sear the beef: Season beef cubes with salt and pepper. Increase heat to medium-high and sear the beef in batches until browned. Remove beef and set aside.

Sauté the veggies: Lower heat to medium, add 2 tablespoons butter, and toss in onions and carrots. Sauté for 2-3 minutes. Add garlic and cook for an additional minute.

Stir in tomato paste and cook until darkened (2-3 minutes). Sprinkle flour and combine well, cooking for 2-3 minutes.

Add wine, stock, and herbs: Pour in the wine, scraping the bottom to release browned bits. Add beef stock and bouillon. Bring to a simmer.

Add back beef and bacon along with thyme and bay leaves. Cover and transfer to the oven for 2 ½ hours.

Add mushrooms and pearl onions: About 2 ½ hours in, melt remaining butter in a skillet over medium-high heat. Add mushrooms and cook until browned. Toss in pearl onions and cook for another 5 minutes. Season with salt and pepper.

Combine and finish: Remove pot from oven; add mushrooms and pearl onions back in. Return to the oven and cook until beef is tender, another 45-60 minutes.

Let rest covered before serving for 30 minutes.