Hungarian Goulash (Gulyás)

Ingredients:

• 2 tbsp oil or lard
• 2 large onions, finely chopped
• 500–700g beef (chuck), diced
• 2 tbsp Hungarian paprika
• 1 tsp salt (adjust to taste)
• 1/2 tsp black pepper
• 1 tsp caraway seeds (optional)
• 2 cloves garlic, minced
• 1 tomato, chopped (or 1 tbsp tomato paste)
• 1 green bell pepper, chopped
• 2 carrots, sliced
• 2 potatoes, diced
• 1 bay leaf
• 5–6 cups water or beef broth