How to Make It
Preheat the oven to 300°. In a large enameled cast-iron casserole, melt the butter in the olive oil. Add the meat in batches and brown it over moderately high heat, about 4 minutes per side. Transfer the meat as it's browned to a platter and immediately season it generously with salt and pepper.
Add 1/2 cup of the wine to the casserole and use a metal spatula to scrape up any browned bits from the bottom. Return all the meat to the casserole and add the shallots, carrots, onions, herb bundle, star anise, peppercorns and remaining wine. Cover with a sheet of buttered wax paper and a lid and bring the wine to a boil.
Transfer the casserole to the oven and braise the beef for about 3 hours, or until very tender. Remove from the oven and transfer the meat to a platter. Strain the cooking juices, pressing on the solids; discard the solids.
Rinse out the casserole and return the cooking juices to it. Skim off the fat. Simmer the cooking juices over moderately high heat until reduced by about one-third, about 10 minutes. Return the meat to the casserole and simmer over low heat until heated through, about 10 minutes. Season with salt and pepper. Serve the meat with the cooking juices in rimmed plates.