Heat a good splash of olive oil in a medium-sized cooking pot over high heat.
Sear and brown the meat on all sides. Then reduce heat to medium and add the onion and garlic.
Cook for a minute or two until they soften a bit and then pour in the wine. Add the bay leaves and allspice. Cook, stirring occasionally until all of the wine evaporates completely. Season with kosher salt and ground pepper.
Stir in the tomato paste and cook for 2-3 minutes more while scraping the bottom of the pot with a wooden spoon so the paste won't stick. Note: Cooking the tomato paste for a few minutes before adding any water helps reduce its acidity a bit and also gives a darker, richer red color.
Pour in enough water to cover the meat. Then reduce heat to medium-low and simmer covered for about 40-45 minutes. At this point, the meat should feel tender enough when you prick it with a knife. If not, simmer a bit more.
Cut the potatoes into cubes about the same size as the meat. Cut the peppers into small squares, a bit smaller in size the that of the meat and of the potatoes.
Add the potatoes and peppers to the pot and taste the sauce to see if it needs any additional salt. The sauce in the pot should be enough to partly cover the meat when you add the potatoes. Otherwise, add a bit of water if needed.
Put the lid back on and simmer for another 30 minutes, or until the potatoes are cooked and the sauce has thickened sufficiently. Keep in mind that the potatoes will thicken the sauce even more while the food cools down.