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Heat the olive oil in a large Dutch oven. Add the bacon and cook over medium heat for 10 min. stirring occasionally, until the bacon is lightly browned. Remove the bacon with a slotted spoon to a large plate.
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Dry the beef cubes with paper towels and sprinkle them with salt and pepper.
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In batches in single layers, sear the beef in the hot oil for 3 to 5 minutes, turning to brown on all sides. Remove the seared cubes to the plate with the bacon and continue searing until all the beef is browned. Set aside.
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Toss the carrots, and onions, 1 T of salt and 2 tsp. of pepper in the fat in the pan and cook for 10 to 15 minutes, stirring occasionally , until the onions are lightly browned.
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Add the garlic and cook for 1 more minute.
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Add the Cognac, stand back , and ignite with a match to burn off the alcohol.
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Put the meat and bacon back into the pot with the juices.
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Add the tomato paste and thyme. Bring to a simmer, cover the pot with a tight-fitting lid and place it in the oven for about 1 1/4 hours or until the meat and vegetables are very tender when pierced with a fork.
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Combine 2 T of butter and the flour with a fork and stir in to the stew.
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Add the frozen onions.
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Saute the mushrooms in 2 T of butter for 10 minutes until lightly browned and then add to the stew.
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Bring the stew to a boil on top of the stove, then lower the heat and simmer for 15 minutes. Season to taste. Serve over mashed potatoes.