Cut the beef into 1 inch cubes and pat dry.
Mix together flour, black pepper, cayenne pepper, and garlic powder. Stir the beef into the flour mixture until it's fully coated.
In a Dutch oven, heat a tablespoon of oil and brown about 6 cubes of beef at a time. Do not overcrowd the pot, and brown the beef on all sides. Remove the browned beef to a plate, and cook the remaining meat in small batches. Add more oil as needed.
When all the meat is browned cook the onions, celery, and peppers for about 5 minutes until they're softened.
Add the garlic, tomato paste, chopped tomatoes, bay leaves and thyme and cook for two minutes.
Next add the red wine, chicken stock, Worcestershire sauce, and Tabasco sauce. Cover the pot and let simmer, without boiling, for 2½ hours, or until fork tender. As it cooks, stir it often, and see if it needs more salt, pepper, or other seasonings.
Remove thyme sprigs and bay leaves, and add parsley. Serve over grits.