Here in America we are now in the longest economic expansion in history. That doesn’t mean it’s about to end. But it does raise the question: what happens when it does? When the economic cycle finally inverts into recession, perhaps unexpectedly and with no obvious cause, perhaps because of some geopolitical crisis? We know what happens to the overall economy — but what happens to the tech sector?

Last time around, the answer was: “surprisingly little.” Late 2008 saw widespread expectations that tech was about to crater along with all other sectors. This was the era of Sequoia Capital’s infamous “R.I.P. Good Times” deck. They could hardly have been more wrong.

Instead the Great Recession everywhere else was more of a speed bump in Silicon

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