Combine first 9 ingredients in a bowl; divide into thirds.
Heat oil in large pot (Dutch oven works well) over medium heat.
Season meat with salt and pepper all over.
Cook meat in hot oil until browned all over. Drain. Add meat back to pot.
Add tomato sauce, chicken stock, and beef stock.
Bring to a simmer and then add ⅓ of the chili powder mixture, after 30 minutes, add the next ⅓ of the chili powder mixture, and then after another 30 minutes, add the last ⅓ of the chili powder mixture and let simmer for another 30 minutes. (This will be approx. 1 ½ hours total)
Add in the brown sugar, ground cumin, and hot sauce and simmer for another 20 to 30 minutes, until desired thickness.
Serve at once with garnishes on the side.