Cut each piece of beef in quarters. Each piece should be about 1/2 inch, if the pieces are already that size, don't bother to cut them.
Cut the bacon into 1/4 inch strips. Slice the carrots into 1 inch pieces. If you are using fresh mushrooms, quarter them. The onion should be cut into large pieces, unless you are lucky enough to get pearl onions!
Marinate the beef in the Worcestershire sauce for about 15 minutes, while the bacon is cooking.
Meanwhile, mix the water and beef base together.
Put a little olive oil into a Dutch oven, or large skillet. Cook the bacon until it is almost crisp and has rendered its fat.
Remove the bacon to a bowl and set aside.
Carefully dredge the beef in the flour, reserving the marinade.
Brown the beef in the bacon fat in batches until it is all browned then add it to the bowl with the bacon. For Instant PotAt this point, remove the meat from the pan and set the pan aside - don't wash it! Take the meat and put it in the inner pot of an Instant Pot with one cup of the broth. The remaining broth will be used later. Cook the meat on Pressure Cook for 20 minutes, Natural Release for 10 minutes then quick release. Leave the meat in the pot with the juices.
Add the garlic, carrots and onions to the skillet and cook until the garlic has turned translucent.
Add the wine to the pan, scraping all the goodness up.
Put the beef and bacon in the pan.For Instant PotPut the meat and liquid from the Instant Pot into the pan. You can wash the Instant Pot.
Add the beef broth you made with beef base and water.For Instant PotYou would be adding the remaining cup of water to the pan.
Add the pepper, thyme and bay leaf.
Cover and simmer for 1 hour.For Instant Pot - skip this step
Remove cover and simmer for 30 minutes.
Add mushrooms and simmer for another 30 minutes.For Pearl Onions - Add the pearl onions here
Serve with noodles or crusty French bread.
Notes
You can use bottled mushrooms if you have them in your pantry. Fresh mushrooms are best. If you can find pearl onions, use those in addition to the onion in the recipe. Just put them in at the end with the mushrooms.
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