It's different depending on what part of the industry you inhabit; i.e. manager types vs. seasoned coders or other individual contributors. Coders will get picked up quickly, managers not so much, but if properly skilled it does not take long for them either. As a local, the thing about Booms and Busts is that they make for interesting reading, and to some extent they are an unfortunate side-effect of having too much attention, for whatever reason, on a market segment. Everyone jumps in and tries to navigate the boom, the market or other forces corrects this, and then everyone exits before the bust slams your arse to the floor. It's not something you get used to, as they are not a regular event per se, but you become mindful of the fact that where you are can change overnight, and you should be ready for anything. For me, they are a boon; you get your paycheck and a nice layoff package, and you can float around for a bit, or get right back in. Like I mentioned above, there's always more tech work in Silicon Valley. It never ends, if you stay sharp and valuable. If you learn one thing really good, then depend on that one thing to get you through your entire career, you'll be gone before your time is up. It's all down to being flexible, current, and valuable. With those things no boom or bust can touch you, more or less.