In a Dutch oven, heat olive oil over medium heat. Cook onion and garlic in oil, stirring frequently until transparent. Stir in the meat and cook until browned. Stir in red bell pepper, bay leaves, cumin, and oregano, cooking for 2-3 minutes.
Stir in cooking sherry, tomato sauce, vinegar, olives, raisins and capers. Pour in enough water to just cover the meat and bring to a boil. Reduce the heat and cover. Simmer until fork tender, approx. 1 ½ hours. Add more water if the stew becomes too thick. Serve with rice or quinoa.
Option: 4 potatoes, peeled and quartered, can be stirred into the stew at the 1 ½ hour mark. Continue to cook covered until the potatoes are almost tender. Uncover, and continue cooking until potatoes are done.