6 dried ancho or guajillo chiles or a mixture (about 3 ounces)
3 tablespoons olive oil, divided
3 pounds beef stew meat, trimmed and cut into 1-inch cubes
1 large onion, chopped
2 garlic cloves, minced
1-1/2 teaspoons salt
1/2 teaspoon pepper
1/2 teaspoon ground cumin
2-2/3 cups water, divided
1 bottle (46 ounces) V8 juice
1 can (14-1/2 ounces) beef broth
Sliced seeded jalapeno peppers, optional
In an enameled cast-iron Dutch oven over medium heat, toast chiles 2-3 minutes (do not burn). Remove from heat; transfer to a small bowl. Add hot water to cover. Soak 30 minutes.
Meanwhile, in the same pot, heat 2 tablespoons olive oil over medium heat. Brown beef in batches. Remove with a slotted spoon. Add onion and remaining oil to pot; cook and stir until onion is tender, about 5 minutes. Add garlic; cook 1 minute more. Remove from heat.
Drain and split chiles, discarding stems and seeds. Pulse, covered, with salt, pepper, cumin and 2/3 cup water in a blender until pureed, adding water if needed (mixture should be a slightly runny paste).
Return beef to pot, and pot to stovetop. Add V8 juice, broth, chili mixture and remaining water. Bring to a boil. Reduce heat; simmer, uncovered, stirring occasionally, until thickened and meat is tender, 1-1/2 to 1-3/4 hours. If desired, top with jalapeno pepper slices.