Preheat oven to 350 degrees.
Season beef with salt and pepper. Heat oil and butter in large dutch oven. Brown the beef in batches. Do not overcrowd. Add a bit more oil and butter with each batch. Transfer to a bowl.
Add a bit more olive oil, then add the garlic and onions. Cook until well browned about 10 minutes.
Add the tomato paste and cook for a minute.
Add the beef back to the pot and sprinkle with the flour. Cook until you don't see any white flour.
Add vinegar, beef broth, wine, bay leaves, and thyme. Don't forget to add all the juices from the beef. Bring to a simmer, cover and put in oven for about 2 hours. You can check along the way to see that the beef is getting tender.
About an hour into cooking, add the carrots and potatoes.