Boil 2 1/2 cups water and remove from heat. Steep the ancho chilies for 30 minutes.
Add 2 tbsp canola oil to heavy, cast-iron dutch oven. Brown chuck in small batches. Avoid overcrowding as it causes the meat to steam. Set aside. Brown ground chuck. Set aside.
In same dutch oven, saute' onions, peppers, and garlic until onions become translucent and peppers become tender. Add the cumin and stir for one additional minute.
Add the Budweiser, sirloin, chuck, beef bouillon, tomatoes, oregano, chili powder, garlic powder, salt, pepper, 1-2 whole jalapenos, and bay leaves. Stir well. Additional Budweiser may be added if needed to just cover the mixture.
Place the steeped ancho chilies and it's liquid into a blender and blend well. Add this mixture to the dutch oven.
Cook low and slow, covered for about 3 hours, stirring occasionally.
Raise the heat and bring to a medium boil. Whisk the 2 tbsp masa harina with cold water and slowly stir mixture into chili. Bring back up to slow boil and cook an additional 30 minutes.
Remove from heat. Remove bay leaves. Allow to set up for at least 30 minutes. Top with finely diced onion and grated sharp cheddar! Enjoy with a cold Budweiser and some great skillet cornbread!