Sunny's Beef and Barley Stew with Crusty Pepper Bread

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1 tablespoon butter

1 tablespoon olive oil

2 pounds USDA choice beef chuck, cut into 1-inch cubes

Salt and freshly ground black pepper

1/2 cup baby-cut carrots, sliced into 1/4-inch discs

1 parsnip, peeled and chopped

1 stalk celery, trimmed and chopped

1/2 cup chopped onions

1/2 teaspoon dried thyme

1/2 teaspoon Hungarian paprika

2 cups dry red wine, such as shiraz

1 or 2 bay leaves

4 cups beef broth

1 cup pearled barley

Chopped parsley, for garnish

Crusty Pepper Bread, for serving

Crusty Pepper Bread:

Half a French baguette, cut diagonally into 1-inch slices

6 to 8 tablespoons olive oil

Salt and coarsely ground black pepper