Trim the fat off the beef and cut into 1-inch pieces.
Boil the beef pieces for about 30 minutes, drain and set aside. This will make the beef extra tender without possibly overcooking the carrots and potatoes.
Heat the olive oil in a large Dutch oven or heavy stockpot.
Add the onions and cook until translucent.
Add the garlic and cook for another minute.
Add the beef, carrots, potatoes, bay leaves, red wine, beef broth and tomato paste, bring to a boil then reduce heat. Simmer for 1½ to 2 hours or until vegetables and are tender.
Season with salt and pepper and discard bay leaves before serving.
Time to prepare: 2 hours, 40 minutes.