One embodiment of the present invention provides a system which selectively executes deferred instructions following a return of a long-latency operation in a processor that supports speculative-execution. During normal-execution mode, the processor issues instructions for execution in program order. When the processor encounters a long-latency operation, such as a load miss, the processor records the long-latency operation in a long-latency scoreboard, wherein each entry in the long-latency scoreboard includes a deferred buffer start index. Upon encountering an unresolved data dependency during execution of an instruction, the processor performs a checkpointing operation and executes subsequent instructions in an execute-ahead mode, wherein instructions that cannot be executed because of the unresolved data dependency are deferred into a deferred buffer, and wherein other non-deferred instructions are executed in program order. Upon encountering a deferred instruction that depends on a long-latency operation within the long-latency scoreboard, the processor updates a deferred buffer start index associated with the long-latency operation to point to position in the deferred buffer occupied by the deferred instruction. When a long-latency operation returns, the processor executes instructions in the deferred buffer starting at the deferred buffer start index for the returning long-latency operation.