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Position a rack in the center of the oven and preheat to 325° F.
Over medium-high heat, heat 2 tablespoons of the oil in a Dutch oven or. Season the beef with salt and pepper. Sear in the pot, turning occasionally, until browned, about 8 minutes. Transfer to a plate.
Add the remaining 2 tablespoons of oil to the pot and heat. Add onion, carrots and celery; stirring often, cook 5 minutes until softened. Add garlic and cook 1 minute. Stir in the wine and tomato paste and cook until liquid is reduced by half, about 3 minutes. Return meat to the pot and add water and bouillion cube. Bring to a boil, skimming off any foam that rises to the surface. Add the thyme and bay leaves.
Cover and bake until the meat is fork tender, about 2 hours. Add the potatoes and bake for another 30 minutes or until the potatoes are tender.
Transfer the meat to a deep platter and slice into serving-size pieces. Use a slotted spoon to dip the vegetables out of the liquid. Place them on top of the meat, cover with foil and keep warm. Let the liquid stand for 5 minutes and then skim any fat that rises to the surface.
In a medium bowl, mash the butter and flour with a rubber spatula until it makes a paste; whisk it into the pot. Bring to a simmer over medium heat, stirring often, until thickened, about 5 minutes. Season to taste with salt and pepper.
Pour some of the gravy over the meat and vegetables; pour remainder into a
sauce boat to pass separately.