Add the olive oil to a heavy-bottomed pan and heat over medium heat.
Season the beef with salt and pepper and add to the hot oil.
Sear on all sides, about 3-4 minutes, then remove and add the onions.
Cook the onions until golden brown, about 10 minutes. Do not rush this step as it builds incredible flavor.
Add the garlic, paprika, and return the beef to the pan and cook for 2 minutes.
Add the bay leaves, carrots, parsnip, celery and add enough water to cover the mixture.
Bring to a boil and then reduce to a simmer and cover for 45 minutes.
Remove any grease that has accumulated on top and then add the potatoes, cooking another 20 minutes.
Remove grease, add tomatoes and peppers, cook for 5 minutes.
Season again with additional salt, pepper, and paprika as needed.