In a large saucepan on medium heat, put butter and olive oil. When the butter starts foaming, add the diced onion, carrot, celery and pancetta.
Add the meat and brown it, turning the meat several times on every side. Season with salt and pepper.
Add the red wine and let the wine evaporate.
Dissolve the tomato paste in the broth.
Add the tomato paste to the pan. Cover and cook covered for about 3 to 4 hours.
Occasionally turn the meat to cook it on all sides. Adjust salt and pepper. Cook on moderate heat for about 2 hours or until the meat is tender, adding a little more broth if necessary.
Serve warm with its own gravy, and polenta or mashed potatoes on the side.