Braise the Beef (AKA Make the Stew)

1. Preheat oven to 350˚F. In a dutch oven or a large braiser, heat 1 tablespoon of olive oil over medium high heat. Add bacon and cook 8-10 minutes until it is just starting to turn crispy, stirring frequently. Using a slotted spoon, remove bacon to a bowl and set aside  (no paper towel! Save all those juices).
2. Pat the beef dry. Add to the pot and cook in the bacon fat until browned on all sides. Remove to the same bowl as the cooked bacon. Drain excess grease until a thin layer remains (about 1 to 2 tablespoons). 
3. Add the carrots and yellow onion to the pot and saute in the fat until carrots are softened and onions start to become translucent, about 4 to 5 minutes.
4. Add beef and bacon back to the pot. Sprinkle with 1 teaspoon of the salt, 1/4 teaspoon of the pepper, and the flour. Stir in tomato paste, and toss to coat. Cook for 2 to 3 minutes, until tomato paste starts to brown. 
5. Pour two tablespoons of the wine in to the pot and scrape off browned bits on the bottom. 
6. Pour in remaining wine and just enough beef broth cover the mixture (I used about 2 3/4 cups). Stir in pearl onions, 2 of the minced garlic cloves, bay leaves and thyme leaves and bring to a simmer. 
7. Once simmering, cover the pot and place in the center of the preheated oven. Cook for 2 1/2 to 3 hours, until beef falls apart when pierced with a fork. 

Saute the Mushrooms

1. In the last 10 minutes of cooking time for the beef mixture, melt the butter over medium high heat in a large skillet. 
2. Add the mushrooms and remaining 1/2 teaspoon of salt and 1/4 teaspoon pepper. Saute until they start to release their juices and have slightly browned, about 4 to 5 minutes.
3. Add the garlic and saute for 30 seconds to 1 minute, until fragrant. Remove from heat and keep warm. 

Assemble the Boeuf Bourguignon 

1. Remove the beef mixture from the oven. Carefully drain the sauce out of the braiser or dutch oven through a colander/large sieve into a medium sized saucepan. Remove the bay leaves from the beef mixture and discard. Set braiser or dutch oven aside, covered, and keep warm. 
2. Over medium heat, bring the saucepan to a simmer and cook for about 5 minutes, skimming any fat on top, until somewhat thickened (similar to the consistency of a thin gravy). 
3. Add the mushroom mixture to the beef mixture. Pour the thickened sauce over the beef mixture and simmer an additional 3 to 5 minutes. 
4. Add salt and pepper to taste. Garnish with fresh parsley and any remaining thyme. Serve with some mashed potatoes, buttered noodles, or fluffy rice. Bon appetit!