Heat the lard in a large saucepan and brown the onions in it, stirring constantly.
Add the paprika stir briefly then add the vinegar and water. Let simmer briefly then add the meat. Season with some salt and add garlic, caraway, marjoram and tomato paste.
Cook for 2-3 hours with the lid not fully covering the saucepan on low heat. Keep checking to see if there is enough liquid in the saucepan, adding a little water if necessary. The goulash should actually stew in its own juices. It shouldn't burn though, so add water if necessary.
When the beef is very tender add as much water as is necessary to cover. The onions should be completely cooked and should have made the sauce thick.
Add the capsicums and simmer for 10 minutes. Taste and season with salt and pepper as required.