Place a large Dutch oven or heavy soup pot on your stove over medium-high heat.
Add the olive oil to the pot.
Then, add the onions and bell pepper.
Sauté for 5 to 6 minutes until the onions and peppers have softened.
Add in the garlic and carrot and cook for 30 seconds.
Stir in the chili powder, cumin, oregano, cinnamon, and cayenne.
Cook for another 30 seconds until the spices smell fragrant.
Pour the beer or broth into the pot and allow it to come to a boil and reduce slightly.
Add the tomatoes, sauce, and bay leaf. Bring up to a simmer.
Add the beans and brisket to the pot.
Stir to combine well.
Taste the chili and season with salt and pepper while the chili comes to a boil.
Reduce the heat to a low simmer.
Cover the pot and cook over low heat until most of the liquid has been reduced, stirring a few times.
Remove the chili from the heat.
Take out the bay leaf.
Season with salt and pepper if desired.
Serve the chili with recommended toppings: shredded cheddar cheese, sour cream or Greek yogurt, sliced scallions, chopped cilantro, or diced avocado.