Preheat the oven to 350˚F. Season the beef all over with salt and pepper.
Add the butter and oil to a large Dutch oven over medium-high heat.
When the butter melts, add the beef and sear until golden brown on all sides. Transfer to a plate and set aside.
Add the onion, potatoes, carrots, celery, garlic powder, and rosemary to the pan. Toss together and cook, stirring occasionally, until browned.
Stir in the tomato paste and continue to cook for another 2-3 minutes.
Deglaze the pan with the red wine, scraping the brown bits from the bottom of the pan with a wooden spoon. Continue to cook for another 2-3 minutes.
Place the seared beef back into the pan along with the beef stock and bay leaves.
Cover the pan and transfer to the oven. Cook for about 4-6 hours or until the beef is tender and shreds easily.
Add salt and pepper to taste and remove the bay leaves.
Serve, and enjoy!