01 - In a large pot or Dutch oven, cook the diced smoked bacon over medium heat until crisp and the fat has fully rendered. Remove the bacon with a slotted spoon and set aside, leaving the rendered fat in the pot.
02 - Working in batches if needed, add the beef cubes to the bacon fat in a single layer. Sear without disturbing for about 2 minutes per side until deeply browned on all surfaces, approximately 4 to 5 minutes total. Remove the beef and set aside with the reserved bacon.
03 - Melt the butter in the same pot over medium heat. Add the onion, garlic, carrots, and celery. Sauté, stirring occasionally, until the vegetables have softened and the onions become translucent, about 5 minutes.
04 - Stir in the diced potatoes, smoked paprika, dried thyme, salt, and black pepper. Cook for 2 minutes, allowing the spices to bloom and coat the vegetables evenly.
05 - Return the seared beef and crispy bacon to the pot. Pour in the beef broth and stir to combine, scraping up any browned bits from the bottom of the pot. Bring to a boil, then reduce the heat to medium-low. Cover partially and simmer for 25 minutes, or until the beef is fork-tender and the potatoes are cooked through.
06 - Pour in the heavy cream and whole milk, stirring gently to incorporate. Simmer uncovered for an additional 10 minutes, stirring occasionally, until the broth thickens slightly and becomes creamy.
07 - Remove from heat and taste the broth. Add additional salt and black pepper as needed to balance the flavors.
08 - Ladle the hot soup into bowls. Garnish each serving with chopped fresh parsley and an extra pinch of freshly ground black pepper. Serve immediately.