Add the shallots, peppers, garlic, ginger, galangal, turmeric, peppercorns and cloves to a food processor. Process to form a thick paste.
Heat the oil in a large pot or Dutch oven. Add the Rendang paste and cook for 2 minutes, stirring a bit.
Slice the beef into 2 inch chunks and add to the pot. Stir and cook for a minute, coating the meat with the paste.
Add the coconut milk, Kaffir lime leaves, lemongrass, cinnamon stick, palm sugar and salt to taste. Stir to incorporate.
Bring to a boil, then reduce the heat to medium. Simmer, uncovered, for 1 hour, stirring from time to time to prevent burning. The consistency will thicken.
Reduce the heat to medium-low and continue to simmer until the sauce darkens to a brown color and reduces, coating the beef, about 2 hours,or until the beef is tender and breaks apart with a fork. Be sure to stir to prevent scorching.
Remove from heat and remove large spices, like the cinnamon stick.
Garnish and serve!