Heat a tablespoon of the oil in a large Dutch oven over medium-high heat. Once oil is shimmering, add the beef, season with salt and pepper, and brown on all sides, working in batches if necessary. Transfer the beef to a bowl with all the juices. Add the remaining tablespoon of oil and then the onions, carrots, celery, and garlic, stirring for 5 minutes or until starting to soften.

While vegetables cook, add the tomatoes, beef broth and arrowroot powder to a high-speed blender and blend until combined. Set aside.

Add the beef back to the pot along with the broth mixture, potatoes, thyme and bay leaves, and season generously with salt and pepper. Stir well, bring to a boil, and then reduce heat to a low simmer, cover, and cook for 1 hour or until beef and potatoes are tender.

Remove bay leaves and serve garnished with red pepper flakes and basil.