1Heat olive oil in a dutch oven over medium-high heat. Work in batches to brown the beef cubes on all sides, about 2-3 minutes per batch. Transfer to a plate.
2Add the diced onion and celery to the pot. Cook for 4-5 minutes until softened. Stir in the garlic and cook for 1 minute.
3Add the tomato paste and stir well, cooking for 2 minutes to deepen the flavor.
4Pour in the red wine, scraping up any browned bits from the bottom. Let it reduce by half, about 2 minutes.
5Return the beef to the pot along with the beef broth, carrots, potatoes, bay leaves, and thyme. Bring to a simmer.
6Reduce heat to low, cover partially, and simmer for 60-70 minutes, stirring occasionally, until the beef is tender and vegetables are cooked through.
7Taste and adjust seasoning with salt and pepper. Remove bay leaves and thyme sprigs before serving.