Abstract: Caches are at the heart of latency-sensitive systems. In this paper, we identify a growing challenge for the design of latency-minimizing caches called delayed hits. Delayed hits occur at high throughput, when multiple requests to the same object queue up before an outstanding cache miss is resolved. This effect increases latencies beyond the predictions of traditional caching models and simulations; in fact, caching algorithms are designed as if delayed hits simply didn’t exist. We show that traditional caching strategies – even so called ’optimal’ algorithms – can fail to minimize latency in the presence of delayed hits. We design a new, latency-optimal offline caching algorithm called belatedly which reduces average latencies by up to 45