In a large pot over medium-high heat, brown beef in batches until a deep golden crust forms, about 5–6 minutes per side. Transfer browned chunks to a plate.

Add onions, carrots, and parsnips to the same pot. Cook, stirring occasionally, until onions turn translucent and vegetables begin to caramelize, about 5 minutes.

Stir in garlic and tomato paste, cooking until aromatic and paste darkens slightly, about 1–2 minutes.

Pour in red wine or beef broth, scraping up those flavorful browned bits from the bottom.

Return beef to the pot. Add potatoes, remaining broth, bay leaves, and thyme. Bring mixture to a gentle boil.

Reduce heat to low, cover partially, and simmer for 1½–2 hours until beef is meltingly tender.

Remove lid, stir gently, and simmer uncovered for 10 minutes to thicken the stew.

Discard bay leaves, season with salt and pepper to taste. Garnish with chopped fresh parsley and ladle into warm bowls.