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Lightly toss the beef with salt and pepper. In a large pot or a Dutch oven, brown the beef on medium high heat in 2 tablespoons of the oil. You may have to do this in batches.
Remove beef from pot, add the final 2 tablespoons of peanut oil and cook on medium heat the onions, jalapeños, and Serranos chiles for about 10 minutes or until the onions are translucent. Add the garlic and cook for another minute.
Throw in the browned beef, add the cumin, chili powder, oregano, cilantro, bay leaf, tomatoes, water, and beer and mix everything really well. Add salt to taste.
Turn the heat up to high and bring to a boil and then turn the heat down to low and simmer uncovered for 2-4 hours, depending on how tender you want your meat. Taste and adjust seasonings. Serve warm.