Heat a large pot or Dutch oven over medium-high (to high) heat. Add 2 to 3 tablespoons of olive oil. When the oil in the pot is very hot (but not smoking), add in the onion wedges, using tongs to brown them quickly. Remove the onions to a plate.
Throw the carrots into the same very hot pan and toss them around a bit until slightly browned, about a minute or so. Remove them to the plate with the onions. (The goal is to get as much color on the onions and carrots as possible in just a couple of minutes.)
With the burner still on medium-high/high, pour in the red wine (or 1 cup of broth, if substituting) and scrape the bottom of the pan using a wooden spatula.
When the bottom of the pan is sufficiently deglazed, place the roast back into the pan and add the stock and tomato paste. Add in the onion and the carrots, as well as the rosemary and thyme.
Put the lid on, then roast for 3 hours (for a 3-pound roast). For a 4 to 5-pound roast, plan on 4 hours. Serve roast and veggies with mashed potatoes with minced parsley sprinkled over the top.
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