In a large Dutch oven over medium-high heat, cook the chopped bacon until the fat is rendered and the bacon is golden brown, about 8 minutes. Use a slotted spoon to transfer the bacon to a plate, leaving the rendered fat in the pot.

Season the diced beef chuck with kosher salt and freshly ground black pepper. Working in batches in the same pot over medium-high heat, sear the beef on all sides until golden brown, about 8-10 minutes. As they are browned, transfer the seared beef to the plate with the cooked bacon.

Add the chopped yellow onion to the Dutch oven and cook, stirring occasionally, until the onions are soft and caramelized, about 4-5 minutes. Pour in the red wine and stir, scraping up any browned bits from the bottom of the pot. Let the wine simmer and reduce slightly, about 2-3 minutes. I always make sure to thoroughly scrape up all those flavorful browned bits—they are key to a rich stew.

Return the seared beef and cooked bacon (from Steps 1 and 2) to the pot with the onions and wine. Add the beef broth, halved baby potatoes, carrot pieces, quartered cremini mushrooms, and bundled thyme sprigs. Stir well, bring to a boil, then reduce the heat to a simmer. Cover and cook until the beef is tender, about 2 hours.

In a small bowl, whisk together the cornstarch and water until smooth. Stir the cornstarch mixture into the simmering stew and cook for about 5 minutes, until the stew thickens to your liking. For an even more velvety texture, I sometimes add just a touch more cornstarch slurry, but start with what the recipe calls for and adjust as needed.

Taste and adjust the seasoning with additional kosher salt and freshly ground black pepper if needed. Serve the stew hot, ideally over mashed potatoes for a complete meal.