The asset management industry minted a generation of titans, people such as Peter Lynch, Bill Miller and Bill Gross. Now, it’s facing an existential crisis as high fees and subpar returns drive investors into ultra-cheap funds. —Josh Petri

Here are today’s top stories

President Donald Trump’s fundraising swing through the Hamptons is creating headaches for high-dollar donors like developer Stephen Ross.

Discontent in farm country over Trump’s escalating trade war with China erupted into the open Wednesday when his agriculture secretary was confronted at a fair in rural Minnesota.

Avoiding digital snoops requires more than just throwing money at the problem. But spending on privacy gadgets can still be fun.

As digital attacks multiply, companies are scrambling to hire scarce security experts. Those with the right skills command sky-high salaries.

The New Jersey family that bought a $1.4 million dream home only to find the place came with a stalker called “The Watcher” sold the residence at a loss. They also sold their story to Netflix.

The contraceptive pill debuted almost 60 years ago, but there’s been very little innovation in birth control for women since then. Why? Big pharma doesn’t see a big payoff. 

What’s Joe Weisenthal thinking about? The Bloomberg news director thinks the current market is starting to feel similar to 2011: Lots of concern emanating out of Europe, U.S. politics in chaos, a surging Swiss franc and a strong rally in precious metals.

What you’ll need to know tomorrow

• The odds of a U.S. recession are growing.
• The Yankees and the White Sox will play on the “Field of Dreams.”
• The unofficial song of summer is helping Wrangler sell more jeans.
• This week brought three bad signs for Trump’s reelection.
• Negative interest rates aren’t that weird when you think about it.
• China rejects the one demand that could ease Hong Kong protests.
• The quasi-religious, nearly irrational appeal of bamboo fishing rods.

What you’ll want to see in Bloomberg Graphics

Tracking the Spread of the Impossible Burger

Imitation meat made by Impossible Foods has become an unexpected craze, reaching more than 10,000 restaurant menus this summer (by the company’s count). In a sign of both popularity and supply-chain problems, the Impossible Burger is sometimes impossible to obtain due to a months-long shortage. More than 30% of locations listed on Impossible’s website weren’t serving it last month, according to a survey conducted by Bloomberg News. Now, as Impossible moves onto menus at more than 7,000 Burger Kings in the U.S., we want you to help us keep tabs on the spread of the plant-based patty. Welcome to Bloomberg’s Burger Stalker. 

Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg.com. You’ll get our unmatched global news coverage and two premium daily newsletters, The Bloomberg Open and The Bloomberg Close, and much, much more. See our limited-time introductory offer.

Worried about making enough money? Getting that dream job? Take a moment to try the Bloomberg Work Wise career calculator and learn how your salary stacks up, and how much your dream job might pay.

Download the Bloomberg app: It’s available for iOS and Android.