Season the beef with salt and pepper and let it rest while preparing other ingredients.
Preheat your oven to 325 degrees F if using an oven method for cooking.
In a large Dutch oven over medium-high heat, add one tablespoon of vegetable oil. Cook half of the beef until seared on all sides, then transfer to a plate and repeat with remaining beef.
Lower the heat to medium, add butter and a drizzle of olive oil. Sauté onions and mushrooms until softened, about ten minutes.
Stir in garlic, sweet paprika, caraway seeds, and thyme, and sauté for about thirty seconds.
Add all remaining ingredients up to bay leaves into the pot, ensuring there’s enough broth to barely cover all ingredients.