Pat the beef stew meat dry with paper towels and season evenly with sea salt and black pepper.
Heat the olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat.
Add the beef to the pot and sear until browned on all sides, then remove the meat and set it aside.
In the same pot, add the diced onion, carrots, parsnips, and celery, sautéing for 5-7 minutes until the vegetables begin to soften.
Stir in the tomato paste and dried thyme, cooking for 1 minute to wake up the aromatics.
Return the beef to the pot and pour in the beef bone broth, scraping the bottom of the pan to release any browned bits.
Add the bay leaf and bring the liquid to a gentle boil, then reduce the heat to low.
Cover and simmer for 60 to 90 minutes, or until the beef is very tender and the sauce has thickened.
Remove the bay leaf before serving warm in a shallow bowl.