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Heat oil in 6- to 8-quart Dutch oven on medium-high heat. Add beef in batches; cook 8 minutes or until beef is browned on all sides. Remove beef from pan. Set aside.
Stir onion, bell pepper and bay leaves into pan; cook and stir 5 minutes or until vegetables are slightly soft. Return beef to pan.
Stir in stock, tomato paste and seasonings; mix well. Add ham hocks, vegetables and 1 tablespoon of the cilantro. Bring to boil. Reduce heat to medium-low; cover and simmer 3 to 3 1/2 hours or until beef and vegetables are tender. Sprinkle with remaining cilantro.