Put the cubed meat into a bowl and add the vinegar, salt and pepper. Set aside for 30 to 40 minutes. Drain the meat, saving the liquid, and pat it dry.
In a large heavy saucepan, heat the oil over medium heat. When it is hot, add the chiles. Stir for a few seconds or until they swell and darken. Remove chiles with a slotted spoon and set aside. Put as many cubes of meat into the pan as will fit without crowding.
Brown the meat on all sides and repeat until all of the meat is browned. Remove meat from pan.
Put the onion and garlic into the pan and cook for 2 minutes, scraping up any pan juices. Put in the black peppercorns, cinnamon and bay leaves. Stir and cook another minute. Return the meat to the pan with its accumulated juices, the chiles, the reserved marinade and the tomato paste. Stir and cook for 1 minute. Add 2 cups water and bring to a boil. Cover, turn the heat to low and cook for 15 minutes.
Meanwhile, peel the potatoes and cut them into 1 1/2-inch cubes. When the meat has cooked for 15 minutes, add the potatoes. Cover and continue to cook for 45-60 minutes or until the meat is tender. Seed the bell pepper and cut it into 1/4-inch wide strips. When the meat is tender, put the peppers and olives into the stew. Stir and cook another 3-5 minutes.
Joyce Jumpering writing in the San Jose Mercury News, 5/19/93.