In a large pot or Dutch oven, heat the vegetable oil over medium-high heat.
Add the beef cubes and brown on all sides. Remove the beef and set aside.
In the same pot, add the finely chopped onions and cook until golden brown, about 10 minutes.
Add the minced garlic and cook for another minute until fragrant.
Stir in the sweet paprika, hot paprika (if using), and caraway seeds. Cook for 1-2 minutes, stirring constantly to prevent burning.
Stir in the tomato paste, chopped bell pepper, and chopped tomatoes. Cook for another 5 minutes, stirring occasionally.
Return the browned beef to the pot.
Pour in the beef broth and add the bay leaf.
Bring the mixture to a boil, then reduce the heat to low and let it simmer for about 1.5 to 2 hours, or until the beef is tender.
Add the potato chunks to the pot and continue to simmer for another 30 minutes, or until the potatoes are cooked through and tender.
Stir in the marjoram and season the guláš with salt and black pepper to taste.
Remove the bay leaf before serving.
Ladle the guláš into bowls and garnish with fresh chopped parsley.
Enjoy your meal!