Pat the beef dry with paper towels and season the meat with salt, smoke paprika, and ground black pepper on both sides.
Heat 1 teaspoon of oil over medium-high heat in a large pot or Dutch oven. Add the beef and sear on both sides until golden brown. Add 2-3 cups of water and bay leaves.
Cover the pot, and cook over medium-high until meat fall-apart tender and almost all the liquids have evaporated( about 45 minutes).
Transfer the meat to a plate, set it aside, and then shred it into long strands. Don’t get rid of the Dutch oven; you’ll need it for the next steps.
Using the same pot, add the onions and bell peppers and cook, scraping down the bottom of the pot to remove any browned bits; stir in the garlic and tomato paste—Cook for about a minute or until aromatic.
Add 1/4 cup of beef or chicken stock and simmer for about a minute. Add more stock to cover all the ingredients, if necessary.
Return the beef to the pot and any accumulated juices. Stir in the olives, pimento, and capers. Lower heat and cook until the sauce reduces and thickens ( about 15 minutes).