Puerto Rican Beef Stew

• 2 pound beef round steak, trimmed and cut into 1-inch chunks
• 1/4 cup olive oil
• 1 medium onion, peeled and coarsely chopped
• 1 medium green bell pepper, seeded and coarsely chopped
• 1/2 teaspoon dried oregano
• 2 cloves garlic, peeled and chopped
• 1 teaspoon salt
• 1/2 teaspoon tomato sacue
• 1 tablespoon achiote
• 10-12 pimento-stuffed olives
• 1 tablespoon capers
• 1 bay leaf
• 1/2 cup water
• 1 pound idaho potatoes, peeled and cubed

1. Wash meat and pat dry with paper towels.
2. In a Dutch oven or heavy kettle, heat the oil, add beef chunks, onion, bell pepper, oregano, garlic, and stir-fry over moderate heat until meat is brown. Add the salt, tomato sauce, achiote, olives, capers, and bay leaf. Mix and cook for 5 minutes. Add the water, bring to a rapid boil, cover, and simmer over low heat for 30 minutes. Add the potatoes, stir to combine, and bring to a rapid boil. Cover and simmer for another 30 minutes.
3. Serve over steamed white or yellow rice.