Preheat oven to 180°C (350°).

Pat beef dry

Place flour, salt and freshly ground black pepper into a plastic bag, big enough to accommodate the meat.

Shake the bag to mix. Place the beef cubes in the plastic bag and shake it to coat it with the flour mixture.

Heat half the oil and butter in pot over medium-high heat and brown the meat cubes, in batches, when brown transfer to a platter.

Add the rest of the oil and butter to the pot and brown the onions, and garlic.

Add the wine, vinegar and tomato paste and scrap the pot.

Add the bay leaves, and thyme and boil until wine is reduced by about two thirds (about 15 min)

Add stock and water, the beefcubes with their juice.

Turn up the heat and when liquid begins to boil, transfer into the oven for 2 ½ hour.

Remove pot from the oven. If stew is too dry add a cup of water. Add the potatoes and the carrots to the stew. Mix and return the pot to the oven. Reduce oven temperature to 150°C (300°F) and check after about 30 min to see if the vegetables are soft.

If liquid is too runny, cook the stew on top of the stove without a lid, till it thickens