Cook bacon until crisp in a large stewpot/stockpot/dutch oven. Remove from pot to a large plate, leaving all the drippings in the pot.
Cut roast into 2" chucks and then dust all sides with flour. Sprinkle with salt and pepper.
In two batches, brown the beef pieces in the bacon drippings on a medium to medium high temperature, turning occasionally to cook all sides.
Remove the beef to the bacon plate when browned.
Add the dry mushrooms to the pot and a sprinkle of salt. Cook, stiring occasionally until the mushrooms have released their moisture and have started to brown. Then, add them to the bacon and meat plate.
Add the butter to the pan and when it starts to bubble, add the carrots and onions with a pinch of salt.
Cook until the onions are translucent and start to brown.
Move the vegetables to the outside edges and add the tomato paste and minced garlic to the center of the pan. Let it cook and start to brown for one minute.
Add the thyme, parsley, bay leaves, and wine. Cook at a gentle simmer, scrapping the bottom the pan, until the wine is reduced by half.
Add the beef stock, beef, mushrooms, and bacon and bring to a gentle simmer. Cook covered with a lid for 2.5 hours.
Remove the lid and raise the heat until you have a gentle boil, simmering for 15 minutes to thicken the sauce. Skim any fat if needed.
If the sauce is not as thick as desired, whisk a 1/2 cup of cold stock or water with 2 tablespoons of flour. Add to the stew, while using the tines of a fork to strain for lumps. Continue to cook for 5 minutes until the stew reaches the desired consistency. The stew will also thicken as it cools.
Stew may be served by itself or with mashed potatoes, noodles, or rice.