Through the relevant literature , we can find that the earnings per share is the most important variable in handling the price of stock in the Taiwan Stock Market. In this research , after TSM's listed companies announce the financial reports at each quarters and we construct the high EPS、turnaround and growth portfolio bases on the earnings per share . We will obtain the returns on investment from the strategy of buy and hold and comparing the performance with the market and domestic open-ended mutual funds .We try to find a valuable and available investment strategy to beat the market. The main empirical study findings as below: 1. Generalized investment portfolio (1) Relative Performance After examining with the market and open-ended mutual funds, we find the performance of high EPS portfolio is the best in the three portfolios. (2) Absolute Performance By evaluating with the market and open-ended mutual funds, we can see that the performance of high EPS portfolio is still the best in the three portfolios. 2. Fundization Investment Portfolio (1) Relative Performance By summarize the number of fundization portfolio’s performance with the domestic open-ended mutual funds in the top 20% , we find the growth portfolio is the best in the three portfolios. (2) Absolute Performance After calculating the rate-of-return of the three fundization portfolio and the domestic open-end mutual funds , we can find the high EPS portfolio is the best of all. After all, both high EPS & growth portfolios’ performance can beat the market & all open-ended mutual funds