Pat beef dry. Season with salt and pepper. Sear in batches in oil over high heat until browned on all sides. Set aside.
In the same pot, render bacon lardons until crispy, about 5 minutes. Remove and set aside.
Sauté diced carrots in the fat for 3 minutes. Add minced garlic and tomato paste, stir 1 minute.
Return beef and bacon to the pot. Pour in wine and stock. Add thyme and a bay leaf. Bring to a simmer.
Cover and braise in oven at 160°C (320°F) for 2.5–3 hours until beef is fork-tender.
Meanwhile, brown pearl onions in butter for 8 minutes. Separately, sauté halved mushrooms until golden.
Remove beef from braising liquid. Simmer the liquid uncovered on the stovetop until slightly thickened, about 10 minutes. Return beef, onions, and mushrooms. Serve with crusty bread or buttered egg noodles.
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