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Heat the olive oil in a large pot over medium-high heat.
Brown the beef cubes on all sides, then remove from the pot and set aside.
In the same pot, sauté the diced onion, garlic, carrots, and celery until slightly softened, about 5 minutes.
Stir in the tomato paste and thyme, and cook for another minute.
Return the beef to the pot, then add the potatoes, beef broth, salt, pepper, and bay leaf.
Bring the mixture to a boil, then reduce the heat to low, cover, and simmer for 1.5 to 2 hours until the beef is tender.
Remove the bay leaf before serving.
Serving and storage tips:
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