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Heat olive oil in a large, heavy saute pan or skillet over medium-high heat. Season ribs with salt & pepper to taste.
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Brown short ribs on all sides. Place browned short ribs in a 6-7 quart slow cooker.
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In the same pan you browned the ribs in, add the onion, garlic and mushrooms and saute over medium-low heat until onion is slightly tender (about 3-5 minutes). Deglaze the pan with the 1/2 cup water. Add the stock cubes (or tub of concentrated stock), the entire can of diced tomatoes (including liquid), the bay leaf, carrots and the thyme. Mix well.
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Pour over ribs in slow cooker. Cover and cook on HI 4-6 hours, LOW 8-10 hours. Cooking times are a guide only as slow cookers do cook at different rates. Check at minimum times for each setting for doneness.
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Remove ribs to serving platter, cover with foil and keep warm in a low oven (approx 200 degrees F).
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Remove as much fat from the pan juices as possible (for what I do, see narrative above).
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Transfer pan juices to a large skillet and reduce sauce to 1/2 over medium-high heat. This will take about 5 minutes. This step may be eliminated if you want a less-intense flavor to the sauce.
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Pour sauce over ribs on serving platter. Serve with rice or over mashed potatoes.