Cut the beef chuck into cubes, slice the carrots into rounds, and chop the pearl onions and bacon into smaller pieces. Crush the garlic.
In a large skillet or Dutch oven, heat the olive oil and sauté the bacon until crispy. Remove the bacon and set aside. Brown the beef cubes in the same skillet until they develop a golden-brown crust on all sides.
Return the bacon to the skillet, add the carrots, pearl onions, and mushrooms, and sauté for a few more minutes.
Stir in the tomato paste and crushed garlic, then deglaze the pan with the red wine and beef broth. Season with salt, pepper, thyme, and bay leaves.
Cover the skillet or Dutch oven and simmer over low heat for 2 to 2.5 hours, or until the beef is fork-tender.
Before serving, remove the bay leaves and garnish with fresh thyme, if desired. Serve with mashed potatoes or crusty bread.
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