Place a medium or large pan over medium-high heat, then add oil.
Once the oil is ready, start browning the beef. Do this in batches to not overcrowd the pan.
Once all the beef has been browned, add everything back into the pan.
Add onions. Cook until they are slightly soft.
Add red wine and let it evaporate.
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 and the peppers at this point.
Add broth. Cover and bring to a boil.
Mix. Put the cover back and simmer until the beef is cooked and tender, occasionally tasting to adjust the seasoning by adding salt, ground pepper, or paprika powder. This normally takes about 90 minutes for me.
If you are adding potatoes, add them in the last 30 minutes of simmering.
Take the pan off the heat and serve.