Over medium-high heat, add oil on a medium to large pot.
Once oil is ready, start browning the beef. This can be done in batches.
Once all the beef has been browned, add everything back to the pot.
Add onions. Mix and cook until onions are slightly soft.
Add red wine. Let wine evaporate.
Mix. Add tomato paste, paprika powder, salt, ground black pepper and bell peppers.
Mix for a couple of minutes. You can see there is already a thicker sauce coating the beef, as well as the peppers at this point.
Add broth. Cover and bring to a boil.
Mix. Put cover back and simmer until the meat has softened; tasting occasionally to adjust the seasoning by adding salt, ground pepper or paprika powder. This normally takes 1 & ½ hours for me.
If you are adding potatoes, add them on the last 30 minutes of simmering.