In a large Dutch oven, heat olive oil over medium-high heat. Add beef chunks in batches, searing each side for 3-4 minutes.

In the same pot, add peeled pearl onions and carrots, sautéing for 5 minutes. Then add minced garlic and cook for an additional minute.

Pour in red wine and scrape up browned bits from the pot. Allow to bubble and reduce for 3-5 minutes.

Stir in beef broth, thyme, bay leaves, salt, and pepper. Bring to a gentle boil and then reduce to a simmer.

Cover and transfer to a preheated oven at 300°F (150°C). Cook for 6-8 hours until beef is fork-tender.

Remove from the oven, discard the bay leaves, and serve hot, garnished with fresh herbs if desired.