Heat 2 tablespoons of olive oil in a Dutch oven (at least 6 quarts) over medium-high heat until just smoking. Add beef in batches and sear until brown on all sides. Be sure not to crowd beef too much. Remove cooked beef to a plate. Add oil as needed and continue to cook remaining beef.

If there’s remaining fat, drain all but 1 tablespoon. Over medium-high heat, add pancetta to the pan and sauté until browned. Using a slotted spoon, remove to the plate with beef.

Add additional olive oil if needed to pan and add in onion slices. Cook over medium heat for 8 to 10 minutes or until soft and slightly caramelized. Add a few tablespoons of water if onions are sticking to the pan.

Add garlic and stir for one minute. Add carrots and stir for one minute. Season with salt and pepper.

Return beef and pancetta to the pan and pour in the wine. Stir in bay leaves, thyme sprigs, cinnamon, allspice, cloves, sugar and orange peels.

Beef should be mostly covered at this point – if not, add water. Bring to a boil and cover. Turn heat to low so that the daube is barely simmering. Put cognac or brandy, if using, next to the stove so you don’t forget it.

Cook for 2 to 3 hours or until the meat is very tender. The daube can be served now or remove the cover and cook for an additional 15 to 20 minutes on medium-high heat to cook off some of the liquid. Remove bay leaves and thyme sprigs (leaves will have fallen off). You can also remove the orange peels but likely do not need to. Just before serving add in the Cognac or brandy, if using.