This recipe for spicy, stewed beef is from Tom Hanemann, of Memphis.
Cut eye of the round steak into 8 slices, and season both sides with salt and pepper. In a deep skillet, heat olive oil over high heat, about 1 minute. Sear beef until brown, about 3 minutes per side; this can be done in two batches if necessary. Transfer beef to a platter.
Reduce heat to medium, and add onion and bell pepper to the skillet; cook until onion is soft, about 2 minutes. Stir in 2 cups water, tomato sauce, bay leaves, basil, oregano, and 1/4 teaspoon salt.
Return beef and any accumulated juices to the pan, and spoon sauce over beef. Bring to a boil; cover, reduce heat, and simmer until the meat is tender, about 1 hour and 15 minutes. Sprinkle parsley on top, and serve.