Heat oil in a Dutch oven over medium-high heat. Add the garlic and onions and saute for 1 to 2 minutes, just until the vegetables are soft and fragrant.
Add the carrots and potatoes to the pot. Stir.
Add the beef and cook for 4 to 5 minutes, browning all sides.
In a small bowl mix together the cornstarch and water to create a cornstarch slurry. Pour the cornstarch slurry into the pot and stir to combine all of the ingredients.
Add the beef broth and tomato paste to the pot, and stir. Cook at a medium boil, stirring regularly, for 10 minutes. Add the bay leaves, then cover and reduce heat to low-medium, and cook for 1 to 2 hours.
Add the red peppers and green olives, then cook, uncovered, for 3 to 4 more minutes.
Video
Notes
Storage: allow the stew to cool to room temperature, then store in an airtight container in the refrigerator for up to 4 or 5 days. Freeze: allow the stew to cool to room temperature, then store in a freezer-safe airtight container in the freezer for up to two months.