01 - In a large pot or Dutch oven, cook the diced smoked bacon over medium heat until crispy. Remove the bacon with a slotted spoon and set aside, leaving the rendered fat in the pot.
02 - Add the beef cubes to the bacon fat in batches if needed. Sear until deeply browned on all sides, about 4 to 5 minutes. Remove and set aside with the cooked bacon.
03 - Melt the butter in the same pot. Add the onion, garlic, carrots, and celery. Sauté until the vegetables are softened and fragrant, about 5 minutes.
04 - Stir in the diced potatoes, smoked paprika, dried thyme, salt, and black pepper. Cook together for 2 minutes to bloom the spices.
05 - Return the seared beef and crispy bacon to the pot. Pour in the beef broth and bring to a boil. Reduce the heat to low, cover partially, and simmer for 25 minutes until the beef and potatoes are fork-tender.
06 - Stir in the heavy cream and whole milk. Simmer uncovered for an additional 10 minutes, stirring occasionally, until the soup is creamy and slightly thickened.
07 - Taste the soup and adjust the salt and pepper as needed to your preference.
08 - Ladle the hot soup into bowls and garnish each serving with chopped fresh parsley and an extra pinch of black pepper.