A rich, homey, tasty stew with gnocchi.
If you have time, lay beef out in a single layer on a platter to air dry. Otherwise, take paper towel and dry the beef well switching out the paper towel for dry towel when needed.
Once beef is well-dried and you are ready to begin searing, generously season with salt and pepper.
Preheat the oven to 350F.
Using a sealed cast iron pot for best results, heat on medium-high heat on stove top.
Add oil and let heat until the oil is shimmery. Once oil is up to temperature, add a single layer of seasoned beef leaving space between the pieces of meat.
For best results, do NOT try to adjust the placement of the meat after you have placed it in the pot. It is highly likely to stick and make a mess. Leave it and then it sear in place and then it will naturally release once it has carmelized. Sear all sides of the beef and then remove to a platter.
Working in batches, complete searing all of the beef and placing the seared beef on the platter. Set aside.
Turn down the stove top if necessary and add chopped pancetta. Cook until the fat has rendered out and the pancetta is crispy.
Then, add the onions, carrots and garlic and cook for a couple of minutes.
While the veggies are cooking, take the beef broth and heat it up in the microwave or on the stove top and add the dried mushrooms to the hot broth to re-hydrate them.
Deglaze the pan with the cooking sherry.
Once the sherry has cooked down a bit, add the red wine and cook for a few minutes.
Remove the mushrooms from the broth and coarsely chop them.
Add the broth, the mushrooms, the tomatoes and the rosemary and bay leaf.
Then place the beef and all its drippings back into the pot and reheat it.
Put a lid on your dutch oven and put in oven to braise.
Begin checking the tenderness of the meat at about 1 1/2 hours. It is done when the meat is nice and tender and the sauce has cooked down to the consistency that you like. Less time will result in a saucier stew while more time will result in a thicker stew and more tender meat.