Prepare the Beef: Season the beef chunks with salt and pepper. In a large Dutch oven or clay pot, heat the olive oil over medium heat. Add the beef and sear on all sides until browned. Remove the beef from the pot and set aside.
Cook the Vegetables: In the same pot, add the chopped onion and garlic. Sauté for about 5 minutes, or until the onions become translucent and fragrant.
Deglaze and Simmer: Pour in the red wine, scraping up any browned bits from the bottom of the pot. Add the beef broth, oregano, thyme, and bay leaves. Stir to combine.
Return the Beef and Add Vegetables: Place the browned beef back into the pot. Add the cubed potatoes and sliced carrots. Bring the mixture to a simmer.
Slow Cook: Cover the pot and reduce the heat to low. Let the alcatra cook for 2.5-3 hours, stirring occasionally, until the beef is tender and the flavors have melded together.
Serve: Once the beef is tender, taste and adjust seasoning if needed. Serve the alcatra with rice or crusty bread to soak up the rich sauce. Garnish with fresh parsley if desired.