Internal rate of return IRR is one of the key criteria for justifying and choosing capital investments with conventional cash flows. However, this criterion is not practically used when the rate of return of investment instruments (short sales, options, futures, swaps) is calculated because these instruments create non-conventional cash flows. The author previously showed that IRR problems were observed when the present value of cash flows changed sign from period to period. This paper offers a criterion to evaluate the rate of return of investment instruments with non-conventional cash flows, i.e. General Rate of Return (GRR).