Heat olive oil in a large pot over medium-high heat. Add cubed beef in batches and sear until browned, about 3-4 minutes per side. Remove and set aside.

In the same pot, add diced onion and minced garlic. Sauté for about 3-4 minutes until the onion is translucent.

Stir in tomato paste and cook for 1 more minute, letting it caramelize slightly.

Pour in beef broth and scrape the bottom with a wooden spoon to deglaze. Let it bubble for a minute.

Return the beef to the pot along with the remaining broth. Stir to combine.

Add sliced carrots, diced potatoes, parsnips, and celery. Stir well.

Sprinkle in thyme, rosemary, and bay leaf. Season with salt and pepper. Cover and simmer.

Bring to a gentle boil, reduce heat to low, and let it simmer for about 2 hours.

Adjust seasoning with salt and pepper before serving. Remove bay leaf.

Serve hot, garnished with parsley.