In a large Dutch oven, heat the oil over medium-high heat. Sprinkle beef with salt and pepper. Add the beef and cook, turning, to brown on all sides. Remove from the pan. To the fat in the pan, add the pancetta and cook until browned, about 3 minutes. Add the onions, carrots, and celery and cook until caramelized, about 10 minutes. Add the garlic and cook until fragrant, about 30 seconds. Return the beef to the pan and add the wine, 2 cups of the stock, whole cloves, rosemary, bay leaves and cinnamon stick. Bring to a boil. Reduce the heat to medium-low, cover, and simmer until the meat is tender, 2 1/2 to 3 hours, occasionally turning the meat and skimming any foam that forms on the surface. Add the remaining 2 cups of stock, as needed, to keep the meat covered with liquid.
Remove the meat from the pan and tent with foil to keep warm.
Strain the sauce into a saucepan and place over high heat. Cook until the sauce is reduced to a consistency thick enough to coat the back of a spoon, about 10 minutes. Adjust the seasoning to taste.
Thinly slice the beef across the grain into 1/4-inch thick slices. Serve the beef ladled with the sauce. Garnish with parsley and serve.