How to Make It
In a large enameled cast-iron casserole, heat the olive oil until shimmering. Season the beef generously with salt and pepper and add half to the pan. Cook over moderately high heat, turning occasionally, until browned all over, about 8 minutes. Using a slotted spoon, transfer the meat to a large plate; brown the remaining meat.
Return all of the meat to the casserole. Add the onions, cover and cook over moderately high heat, stirring occasionally, until softened, 5 minutes. Add the carrots and cook until crisp-tender, 5 minutes. Add the port and simmer until evaporated. Add the red wine and reduce the heat to low. Cover tightly and cook until the meat is very tender, about 2 hours. Spoon off the fat and serve the stew.