Wash the thyme, dab dry and pluck the leaves from the stems. Wash the meat, dab dry and cut into large cubes. Peel and quarter shallots. Heat oil in a pot.
Brown the meat well while turning. Add shallots and tomato paste, braise and deglaze with red wine, reduce slightly. Add tomatoes and 1/4 litre of water and season with cinnamon, salt and pepper.
Simmer for about 1 hour at medium heat. In the meantime peel, wash and chop the potatoes. Cook in boiling salted water for about 20 minutes. Drain potatoes and let them evaporate. Add milk, butter and salt and mash to puree.
Cut the olives into pieces and fold into the purée. Season goulash to taste and arrange on plates with the puree.