Cut the beef into large cubes, season with salt and pepper, and let it rest for 10 minutes. Heat olive oil in a large pot or Dutch oven over medium-high heat and brown the beef on all sides. Remove from the pot and set aside.
In the same pot, sauté the pearl onions and minced garlic until they are lightly caramelized.
Add the tomato paste, canned chopped tomatoes, red wine, and red wine vinegar. Stir to combine, then return the beef to the pot.
Add the cinnamon stick, bay leaves, and cloves. Pour in enough water to cover the beef, then bring to a boil.
Reduce the heat to low, cover, and simmer for 2-2.5 hours, or until the beef is very tender and the flavors have melded. Stir occasionally, and add more water if needed to keep the beef submerged.
Before serving, garnish with fresh, chopped parsley and serve with rice or crusty bread.
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