In stockpot or Dutch oven with tight fitting lid, cook bacon over medium heat until crispy. Remove from pot; drain on paper towels. Remove half the bacon drippings from pot; reserve. Leave remaining drippings in pot; set aside.
Combine flour and thyme in a 1-gallon recloseable food storage bag; salt and pepper taste. Add in beef; seal bag. Shake to coat beef. Place pot back over heat and increase to medium-high. When hot, add half the beef and brown; remove from pan and repeat with remaining beef adding additional bacon drippings as needed. Set browned beef aside.
Add additional bacon drippings to pan as needed. Add in carrots, onions, celery, mushrooms and garlic; salt and pepper. Sauté 5 minutes. Add in wine; simmer 2 minutes.
Stir in beef broth, tomato paste, fresh thyme and bay leaf. Add beef and bacon back in. Bring to a boil; reduce heat to simmer. Cover tightly. Simmer, stirring occasionally, 22½ hours.
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