Meanwhile, heat a large non-stick skillet over medium/high heat and add 2 Tbsp olive oil. Add sliced carrots, diced onion, and 4 chopped garlic cloves, and saute 4 min. Add 1 Tbsp tomato paste and saute another minute. Transfer veggies to the soup pot.

Add 4 cups beef broth, 2 bay leaves, 1/2 tsp dried thyme, 1 tsp salt, and 1/2 tsp pepper. Return beef and bacon to the pot then add potatoes. Stir to combine and make sure potatoes are submerged in liquid. Cover with lid and bake at 325˚F oven for 1 hour and 45 min.

Recipe Notes
For a healthier stew, you can tilt the pot after it comes out of the oven to allow the liquid to pool to one side, then skim off any excess fat.