Preheat the oven to 325 degrees F.
Put a large, heavy-bottomed, ovenproof pot over medium heat and add the bacon. Cook until crisp, 5 to 7 minutes. Remove the bacon from the pot and reserve for serving.
Pat the beef dry and season it with salt and pepper. Turn up the heat under the pot to medium high and brown the beef on all sides in batches, 4 to 5 minutes per batch. Remove the meat from the pot and set aside. If there is a lot of oil left, pour off all but 2 tablespoons.
Add the onion, celery and finely chopped carrot to the pot and cook until the vegetables begin to wilt, 5 to 6 minutes. Stir in the tomato paste, flour and garlic and cook for another minute or 2. Pour in the wine, whisking to combine, and bring to a boil. Add the mushrooms, pearl onions and 1-inch carrot pieces. Return the beef to the pot. Pour in enough broth to just cover the meat and bring to a simmer. Cover and put into the oven. Cook until the beef is tender, 1 1/2 to 2 hours.
Skim off any excess fat from the top of the stew and serve garnished with parsley and the reserved bacon.
Recipe courtesy of Ree Drummond