1. Cut beef into 1-inch cubes. Place meat, onion, garlic, bay leaves, and 1/3 cup water in a 5- to 6-quart pan. Bring to a boil over high heat, cover, reduce heat to medium, and boil 20 minutes. Uncover and boil over high heat, stirring often, until juices evaporate and a dark brown film forms in pan, 10 to 15 minutes.
2. Add broth, 1/3 cup sherry, and almonds; stir to release brown film from pan. Return to a boil. Cover, reduce heat, and simmer 1 hour. Add olives. Cover and simmer until beef is tender when pierced, 10 to 15 minutes longer.
3. If more than 1 cup liquid is in pan, boil, uncovered, over high heat until reduced to 1 cup. Mix 1/3 cup sherry with cornstarch. Add to pan; stir until boiling. Pour into a bowl; sprinkle with parsley.