In a large Dutch oven, heat 2 tablespoons of olive oil over high heat. Add the stewing beef in batches and sear until browned on all sides, approximately 4–5 minutes per side.

Reduce heat to medium-high and add the roughly chopped onions and minced garlic. Sauté for about 5 minutes until onions become translucent.

Lower heat to medium-low, stir in sweet Hungarian paprika, ground caraway seeds, dried oregano, and bay leaves. Cook for about 30 seconds.

Pour in the tomato sauce and balsamic vinegar, stirring well. Add the beef broth, scraping the bottom to deglaze.

Return the seared beef to the pot, bring to a boil, cover, and let simmer for about 2 hours.

Once beef is tender, adjust seasoning with salt and black pepper. Remove bay leaves, ladle into bowls, and garnish with chopped parsley.