In a large pot or Dutch oven, cook the bacon until crisp. Remove with a slotted spoon onto a paper towel-lined plate. Set aside. Leave the rendered bacon grease in the pot.
4 slices bacon
Season the beef liberally with salt and pepper. Over medium heat, add the beef to the hot bacon grease and cook until no longer pink on the outside, stirring often, about 10 minutes. Remove the beef from the pot onto a large platter.
2 lbs beef, Salt and pepper
Pour off all but about 2 tbsp of the grease. Add the onions and sauté over medium-high heat until soft, about 3 to 4 minutes. Add the garlic, and sauté for another minute. Stir in the paprika, caraway seeds, oregano, tomato paste, wine, beef broth, 1 tsp salt, and ½ tsp pepper. Bring to a boil.
2 medium onions, 3 cloves garlic, 1 tbsp paprika, 1 tsp caraway seeds, 1 tbsp fresh oregano, 1 tbsp tomato paste, 1 cup white wine, 2 cups beef broth
Preheat oven to 300°F.
Turn the heat off from the pot and stir in the seared beef. Cover and place in the oven for 2 hours.
Remove from the oven and carefully take the lid off. Add the reserved bacon, bell peppers, and potatoes. Stir to combine. Place the lid back on and return to the oven for another hour.
1 red bell pepper, 1 lb yellow potatoes
Remove from oven and gently stir. Serve warm, with sour cream and chopped parsley (if using) as garnish.
1 cup sour cream, 2 tbsp fresh parsley