Last year a hedge fund manager tried pitching a fund that would “bet against” shale drillers to investors. At the time he was “basically kicked out of every office in New York City.” Good! However, the now-former hedge fund manager has an advisory service that in a sense also disparages the shale industry, but perhaps performs a valuable service for the industry. The new company uses data that is number-crunched from state records, applying assumptions that are “more realistic” than numbers offered by companies in investor presentations when it comes to how much the wells they *will* drill will produce. That is, this new service provides a more realistic look at reserves–proven and otherwise.