Chop beef into stew size (large bite size). Turn oven on to 350F to preheat.
Place dutch oven on the stove on medium-high heat to let preheat. Add oil and brown beef, stirring to get all sides, for 3-4 minutes. Do this in batches so you’re not crowding the meat. Add more oil as needed to brown the subsequent batches.
When all meat is cooked the bottom of your pot will be brown and caked with bits of meat. Add the cup of wine and let boil while scraping the bottom of the pan to get up all those yummy bits. Add the water and Red Fork sauce and stir, then add the meat back in and stir some more.
Cover and cook in the middle of the oven at 350F. Set the timer for 1 hour.
Meanwhile, scrub (don’t peel — see notes) and chop parsnips and carrots into large pieces. When the timer rings stir the vegetables into the pot. If it seems low on liquid, add a half cup of hot water. Return pot to oven and cook for another hour.
Test meat after the second hour, it should be falling apart. If not, leave in a little longer (15-20 minutes).
Make a slurry by mixing arrowroot and 2 tablespoons of water. Take pot out of oven and set on medium heat on the stove.
Push the meat and veggies to the side of the pot and stir the arrowroot mixture into the liquid and let it bubble for a minute or two while stirring to thicken. Then mix the entire stew and turn off the heat.