Goulash

Goulash can be made into either a soup or stew, and the latter can be spooned over egg noodles, potatoes or even gnocchi–how awesome does that sound? Also: This tastes so much better the next day, it is almost a shame to eat it the day you make it. Trust me.
Makes about 16 cups, serving 12
5 slices bacon, chopped3 pounds boneless chuck, trimmed and cut into 1/2-inch cubes2 tablespoons vegetable oil4 medium onions (about 1 1/2 pounds), chopped fine3 garlic cloves, minced3 tablespoons paprika (preferably Hungarian sweet*)1 1/2 teaspoons caraway seeds1/3 cup all-purpose flour1/4 cup red-wine vinegar1/4 cup tomato paste5 cups beef broth1 to 5 cups water or beer (use the former to make a stew, the latter to make a soup)1 teaspoon salt2 red bell peppers, chopped fine
In an 8-quart heavy kettle cook bacon over moderate heat, stirring, until crisp and transfer with a slotted spoon to a large bowl. In fat remaining in kettle brown chuck in small batches over high heat, transferring it as browned with slotted spoon to bowl.
Reduce heat to moderate and add oil. Add onions and garlic and cook, stirring, until golden. Stir in paprika, caraway seeds, and flour and cook, stirring, 2 minutes. Whisk in vinegar and tomato paste and cook, whisking, 1 minute. (Mixture will be very thick.) Stir in broth, water, salt, bell peppers, bacon, and chuck and bring to a boil, stirring. Simmer soup, covered, stirring occasionally, 60 to 75 minutes.
Season soup with salt and pepper. Soup may be made 3 days ahead and cooled, uncovered, before chilling, covered. Reheat soup, thinning with water if desired.