Heat olive oil in a large pot over medium heat.
Season the beef cubes with salt and pepper.
Brown the beef in batches, ensuring all sides are seared.
Remove the beef and set aside.
In the same pot, add onions and garlic, sauté until translucent.
Stir in tomato paste and cook for 1-2 minutes.
Add the browned beef back into the pot.
Pour in the beef broth, and add thyme and bay leaf.
Bring to a boil, then reduce heat and simmer for 1 hour.
Add carrots and potatoes, and simmer for another 30-40 minutes until vegetables are tender.