Melt butter with the olive oil in a pot over medium heat. Cook and stir veal, beef, and pork in the butter mixture until completely browned, about 10 minutes.

Stir stewed tomatoes, tomato paste, onion, mushrooms, red wine, bell pepper, garlic, sugar, Worcestershire sauce, bitters, and cayenne pepper into the meat mixture; bring to a simmer, reduce heat to medium-low, and cook at a simmer until the tomatoes break down into a sauce, at least 3 hours.