Heat the oil over medium-high heat in your Dutch oven. Add the beef in batches to avoid overcrowding, seasoning each batch with salt, pepper, minced onion, and garlic. Brown the meat on all sides. Remove the browned meat and set it aside.

Carefully drain the grease from the Dutch oven, but don’t worry about scraping up the browned bits; they’ll add flavor to the stew.

Pour in the beef broth and add bay leaves, salt, and black pepper. Return the browned beef to the pot.

Cover the Dutch oven and reduce the heat to low. Let it simmer for two hours, stirring occasionally.

After two hours, add the diced potatoes and sliced carrots directly to the pot. Cover again and continue cooking for another hour or until the beef is fork-tender and the vegetables are tender.

Remove the bay leaves and taste for seasoning, adding more salt and pepper if needed.