Preheat the oven to 250°F. Season the beef cubes with salt and black pepper.
In a Dutch oven, heat 1 tablespoon of oil over medium-low heat. Crisp bacon for 10-15 minutes. Transfer to a plate.
In the same pot, brown beef cubes over medium-high heat for 3-5 minutes per side. Transfer to a plate.
Add onions and carrots. Cook for about 10 minutes on medium heat. Add garlic and tomato paste, stir for 1 minute.
Pour brandy, deglaze pot over medium-high heat until the alcohol evaporates.
Add browned beef, half of bacon, wine, broth, thyme, and bay leaves to the pot. Bring to a simmer then cover the pot and cook in the oven for about 3 hours or until tender. (see notes)
In a pan, melt 2 tablespoons of butter and 1 tablespoon of oil over medium-high heat.
Sauté pearl onions with a pinch of salt and sugar for 2 mins. Add mushrooms; cook for 7 minutes or longer until browned. Stir in half of bacon for a minute, then turn off the heat. (see notes)
Simmer tender stew on the stove over medium heat. Whisk in Beurre Manié (softened butter and flour mix) for a smooth, thick sauce. Adjust seasoning to taste.
Add the sautéed mushrooms and pearl onions, giving it a gentle stir to combine. Serve and enjoy!