In a large frying pan, heat two tablespoons oil over medium-high flame. Add pepper steak and brown on all sides while stirring, about five to six minutes. Remove meat from pan and set aside.

Add remaining two tablespoons oil and onions. Sauté onions till caramelized, either on a low flame for three hours or on a medium flame for a half hour, stirring occasionally.  This step is very important — the longer you cook the onions, the better the flavor, and the “low and slow” method will give the best results.

Return meat to pan and add salt, pepper and soy sauce. Add water to cover. Bring to a boil then reduce heat to low. Cover and simmer for two and a half to three hours (longer is better). Serve over white rice.