1. Heat the oil and butter in a Dutch oven or similar heavy pot on medium heat. Add the beef and brown on all sides. You may need to do this in two batches.
2. Remove the beef from the pot and add a bit more olive oil if needed. Add the chopped onions and cook, stirring occasionally, until soft, about 7 minutes.
3. Add the white wine, and stir using a wooden spoon to scrape off any bits from the bottom of the pot. Add the meat, the beef bouillon, the pepper and the thyme and bay leaves. (You may wish to tie the herbs into a bouquet garni).
4. Bring the mixture to a boil, then cover the pot with a tight fitting lid and reduce heat to low. Simmer the beef for two hours. At the end of two hours, stir in the carrots, and cook for at least one more hour. You can safely simmer the beef for longer and it is particularly good reheated the next day. You may need to add a bit more liquid as it is cooking if your lid is not air tight.

Makes 6 servings.