Mix the beef with bay leaves, half the minced shallots, half the minced onions, one-third of the cashew oil, half the sugar, black pepper, oyster sauce, and curry powder.
Mix the beef with your hands to make it absorb the flavor more easily. Marinate the beef for at least one hour or overnight (if possible).
Heat the pot over medium heat. Add the remaining cashew oil. Add the remaining minced shallots, minced onions, and pounded lemongrass.
Add the beef. Stir-fry for 3 minutes until the beef firms up.
Pour water into the pot just until the beef is fully submerged. Bring water to a boil while stirring constantly. Season with salt and the remaining sugar. Turn down the heat and simmer for 40 minutes.
Add potatoes and carrots. Cook for 15 minutes or until the vegetables become tender.
Add onions and give the curry a good stir. Add coconut milk and condensed milk. Stir to mix. Turn off the heat.
Garnish with your favorite herbs, and enjoy.