Cube the beef chuck and season with salt and pepper.
In a Dutch oven pot over medium-high heat, brown the bacon and remove. Brown the beef chuck in small batches and set aside.
Sauté the carrots, white onion and garlic for about 6 minutes. Add the tomato paste and stir. Cook for another 2 minutes. Deglaze the pot with cognac (watch for flames!).
Add the pinot noir and beef broth and place the meat back into the pot.
Cover and place into the oven and let cook for 1 hour and 15 minutes.
Prep the pearl onions (remove the skin) and clean and slice the mushrooms during the last 25 minutes of cooking.
In a skillet, add 1 tablespoon of butter and caramelize the pearl onions for about 6 minutes.
Add the sliced mushrooms and cook until tender. Season with salt, pepper and thyme.
Add the remaining butter to the skillet and melt. Sprinkle flour and stir until it is incorporated in the mushrooms and onions.
Add into the Dutch oven and stir. Cover and allow to cook for another 15 minutes.
Remove from the oven and allow to rest for about 15 minutes before serving.