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"Beef burgundy can be made up to 2 days ahead, cooled, covered and refrigerated. The fat will rise to top of stew and solidify when cold. Scrape off and discard fat before rewarming stew, covered, over medium-low heat."
Preheat oven to 300°F. Heat a large, heavy, ovenproof pot over medium-high heat. Add 1 tablespoon oil and bacon, and cook, stirring, for 6 minutes, or until bacon is crisp. Using slotted spoon, transfer bacon to a plate and reserve.
Season beef pieces with salt and pepper. Return pot to high heat, add half of beef and cook, turning as needed, for 8 minutes, or until browned all over. Using slotted spoon, transfer beef to a plate. Repeat to cook remaining beef.
Pour off fat in pot. Return pot to medium heat and add remaining tablespoon oil. Add mushrooms, shallots and garlic, and cook, stirring, for 3 minutes, or until browned. Add tomato paste and cook 1 minute. Return beef and bacon to pot then add flour. Stir mixture until beef is coated in flour then add wine, stock and thyme, and bring to simmer. Cover pot and transfer to oven. Cook, stirring occasionally, for 2 ½ hours.
Stir in carrots and return to oven partially covered. Cook, stirring occasionally, for an additional 30-40 minutes, or until beef is fork-tender and the carrots are tender. Remove from oven and skim off as much fat as possible. Season with salt and pepper.
Ladle beef burgundy into bowls and sprinkle with parsley. Serve with bread alongside.