Preheat the oven to 300ºF. Meanwhile, cook the bacon over medium heat until lightly browned and crisp. Using a slotted spoon transfer the bacon to a large dutch oven. To the dutch oven add the onion, carrot, garlic, parsley, thyme, and bay leaf.

Season the beef with salt and pepper. Add half of the cut beef to the bacon fat and cook over high, browning on all sides. about 5-6 minutes. Add the beef to the dutch oven and repeat with remaining beef. Add 1/2 cup of water to the pan and deglaze with a wooden spoon. Add the liquid to the pot.

Add the butter to the pan and heat to medium. Whisk in the flour and cook, stirring, until light brown. Whisk in the chicken stock and the remaining water and bring to a simmer over high while stirring. Simmer until thickened and add the mixture to the dutch oven. Add in 3 cuos of the wine along with the tomato paste. Set the pot over high heat and bring to a boil. Then remove from the heat, cover and place in the lower rack of the oven. Cook until tender, about 2 1/2 - 3 hours.

Once tender, remove the dutch oven from the oven and put the mixture through a strainer over a large saucepan. Remove the carrots, onion, parsley, thyme, bay leaf and garlic cloves. Transfer the meat mixture to a bowl and place the saucepan aside for 15 minutes for the fat to settle.

Bring the sauce mixture to a boil over medium-high heat and then bring down to a simmer. Cook, stirring occasionally, until thickened, about 20 minutes.

Meanwhile, in a large skillet combine the pearl onions, 1/2 cup water, butter, and a pinch of salt over high heat and bring to a boil. Cover and reduce heat to medium-low and simmer until onions are tender, about 5 minutes. Uncover and bring to high, cooking until the water evaporate. Add in the mushrooms and cook until browned and all the liquid is evaporated, about 5 minutes. Remove the vegetables from the pan and add it with the meat. Pour in 1/4 cup of water into the skillet and scrape with a wooden spoon, adding to the beef.

Once the sauce is reduced, add the beef and vegetables into the sauce and stir to combine. Add the remaining wine and cover, heating the entire dish on low. Season with salt and pepper and serve with parsley.