Melt the butter in a cast-iron pot over high heat. Add the beef and fry until browned on all sides.
Add the carrots, onions, beef stock, bay leaves, peppercorns, and ground cloves. Fry for a few minutes, and then stir in the heavy cream, water, and then cover.
Reduce the heat to medium-low and simmer for about 60-90 minutes, or until the meat is tender. Stir occasionally.
Right before serving, add the cream cheese to thicken the stew base, and stir to combine. Season with salt and pepper to taste