Preheat oven to 325°F.
Heat a large Dutch oven over medium-high heat and add 2 tablespoons of olive oil.
Generously season the roast with salt and pepper. When the oil is hot, add the roast to the Dutch oven and cook until completely browned, about 2-3 minutes per side. Remove and set aside. Drain off excess oil, leaving about 2 tablespoons in the pot.
Add in the onions, garlic, carrots, potato, beets and parsnips and cook for 6-8 minutes, occasionally stirring to prevent the vegetables from burning. Pour in about ½ cup of the beef broth and stir around to deglaze the pan, scraping up the brown bits with a wooden spoon. Place the roast back into the Dutch oven and add in the bay leaf and thyme sprigs. Pour in the remaining 1 ½ cups of beef broth, ½ cup wine and crushed tomatoes around, but not over the roast.
Cover the Dutch oven with a lid and place in the oven to cook for 3-4 hours. About halfway through, check on the roast and if most of the liquid has evaporated, add about 1 cup more of beef broth or water (I almost never have to do this). The stew is ready when the beef is tender and pulls apart easily with a fork.
Remove from the oven, and break up the meat into serving size chunks, garnish with scallions and extra thyme sprigs.
Cook's note: Other options for this stew-
- Leave the roast on the stovetop and simmer on low for 3 to 4 hours.
-Use already cut beef stew meat. The stew will not need as long to cook with this option. Probably more like 3 hours, max.
-Use beef short ribs or 7-bone chuck roast. These options are favorite methods, because bone-in options add even more flavor to the stew. Just remove the bones and shred the meat before serving.