Heat olive oil in a large stockpot over medium-high heat. Add the beef to the hot oil in batches to sear and brown.
Remove the meat from the pot and add the minced garlic, chopped onions, celery, and carrots. You may need to add a touch more olive oil to the pan to cook the veggies.
Cook the vegetables for 2-3 minutes until softened, stirring often and scraping up the brown bits from the bottom of the pot. Season with salt, pepper, thyme, and dried oregano.
Add the seared beef back to the pot and add red wine and beef broth.
Add the chopped potatoes and the bay leaf.
If using tomato paste - add the tomato paste here and stir to incorporate.
Cover and simmer the beef stew on medium-low heat for 45 minutes to one hour.
Create a corn starch slurry by placing 2 tablespoons of corn starch into a small bowl. Remove 1 cup of the beef broth from the pot and let it cool slightly. Add it to the corn starch and whisk to blend. Pour the slurry back into the stew to thicken.
Serve in a bowl with crusty bread for sopping up all the savory broth.