Preheat oven to 305 degrees. (Not a typo--yes 305 degrees)
In a large Dutch oven, heat oil and sauté bacon over medium heat for 5-8 minutes until crisp and browned. Transfer to a large bowl and set aside.
Pat beef dry and brown in the bacon fat in small batches until brown on all sides. Transfer to bowl with bacon.
In remaining fat, sauté the carrots and onion about 3 minutes, then add 6 cloves of garlic and sauté for 1 minute more. Return beef and bacon to pot and season with salt and pepper. Sprinkle with flour. Stir and cook for 5 minutes.
Add wine, stock and pearl onions along with tomato paste, bouillon paste and herbs. Bring to a simmer.
Cover with lid and place Dutch oven in the oven for 3 hours, or until the meat is tender and begins to fall apart.
Near the end of the 3 hours, heat 2 tbsp butter in a saute pan. Add 2 cloves garlic and cook for 1 minute. Add mushroom and cook for 3 minutes, gently tossing with butter. Once browned, set aside.
When beef is done, place a colander over a a large bowl and strain beef. Reserve sauce. Return beef and vegetables to pot. Discard thyme bundle and bay leaves. Add mushrooms to beef.
In a small saucepan, simmer reserved sauce. Skim any excess fat. Sauce should coat the back of a spoon. If too thin, add 1 tsp cornstarch to 2 tbsp hot sauce and whisk back into the sauce. Cook until thickened. If too thick, add a few tablespoons of beef broth.
Pour sauce over meat and vegetables. If serving immediately, simmer for a few minutes to heat through. Garnish with fresh parsley.
If serving the following day, or freezing, allow to cool completely and refrigerate or freeze/
To serve, remove thawed stew from the refrigerator 1-2 hours before reheating. Heat over medium-low heat and simmer gently for about 10-15 minutes until heated through.