Preheat the oven to 350F if cooking in the oven as opposed to on the stove top.

Peel and chop the onions very finely. Set aside.

Heat the butter in a roasting pan over medium heat. Add the onions and cook, stirring frequently, until golden brown, about 30 minutes.

In the meantime, trim the beef of any fat and sinew, then cut the beef into about 1" - 1 ½" pieces. Set aside.

Peel the garlic, chop, add caraway seeds and mince together with a knife.

Once the onions are ready, add the beef broth, red wine vinegar, paprika and the meat together with the bay leaves, garlic, caraway seeds, marjoram, and tomato paste. Mix and bring to gentle simmer. Turn the heat down to low, cover and let simmer on the stove top (or in the oven at 350F) until the onions have mostly disintegrated and the beef is tender, about 90 minutes to 2 hours. For a thicker consistency, cook uncovered or partially covered after 1 hour while frequently checking on the progress. Once the goulash is thick enough for your taste, cover and continue cooking until done.

Season the goulash with salt and pepper, remove the bay leaves and serve while hot.