Prepare all of your ingredients and have them on hand. Slice and dice the vegetables, and measure out the seasonings. Cut the beef into 1-inch chunks and season liberally with salt and pepper.

Sear the beef: Heat some of the lard or oil over medium-high heat in a large pot. Add the beef cubes in batches to avoid overcrowding, and sear them on all sides until browned. Remove the beef and set aside.

Deglaze the pot: After searing the beef, deglaze the pot with a small amount of beef broth, wine, or water, scraping up any browned bits from the bottom.

Cook the onions: Add more lard or oil into the pot. Add the finely chopped onions to the pot and cook until they are golden brown, stirring occasionally.

Add garlic and tomato paste: Add the minced garlic and tomato paste to the onions, stirring well to combine, and cook for another 2 minutes.

Return beef to the pot & add liquids and spices: Add the seared beef back into the pot with the onions and garlic. Pour in the beef broth, and add the sweet Hungarian paprika, hot Hungarian paprika, and crushed caraway seeds. Stir well to combine.

Simmer the goulash: Bring to a boil, then reduce heat to low and let it simmer, covered, for about 1.5 hours, until the beef is almost tender.

Add vegetables: Add the sliced carrots, diced potatoes, chopped red bell pepper, and chopped tomatoes to the pot. Stir to combine.

Finish cooking & serve: Let the goulash simmer for another 30-40 minutes, or until the vegetables are tender and the flavors are well blended. Adjust seasoning with salt and pepper to taste. Ladle the goulash into bowls and garnish with freshly chopped parsley. Serve with crusty bread or traditional Hungarian noodles.