In a heavy-bottomed pan, over medium high heat, fry the bacon in the oil and add the sausage and beef chunks, cooking until they start to get a nice color on them. Add the onion and cook for about 4-5 minutes. Add the garlic and cook 1 minute.
Add the water, soaked beans, bay leaf, salt and hot pepper. Simmer, not boil, for about 45 minutes or until the bean are soft and the sauce is thick. Keep an eye on the beans, adding more water/broth if necessary as you cook. Stir occasionally.
After 45 minutes, check the beans for softness. If they are not tender, add about 10 more minutes. If it's too thin for your liking, remove about a cup of beans to a bowl and smash them up. Add back to the pot and stir.
Rinse your black beans and go through them to check for nasties - sticks, shriveled up ones, or rocks.
Choose the saute setting. When the pot is hot, add a bit of oil and the chopped bacon, sirloin, and chorizo. Cook until the sirloin chunks and the bacon starts to get a nice color to them. Add diced onion and cook and cook until starting to soften, about 3-4 minutes. Add garlic and stir for about 30 seconds.
Cancel the saute setting and add beans, broth (water), bay leaf, chili pepper, and salt. If you like your beans soupier, add in the extra 1 cup water or broth now. Stir to combine and put the lid on.
Cook on high pressure for 40 minutes, and then natural release the pressure.
If you find it too thin, smash some beans on the side of the pot to thicken. Taste for salt, add more if necessary.
Serve over white rice.