Caption: THE MERGER activity is not a function of new conservatism, supply-side economics or a Ronald Reagan presidency, insists Steve Gasper, director of research for the Detroit brokerage firm of Manley, Bennett, McDonald & Co.Inflation has forced prices up and devalued investment dollars, he explains. In buying power, today's dollars are simply worth less than they were a few years ago."If you adjust the Dow Jones index for inflation (since 1972), we're below 450. That's a screaming level of bargains," he says.With an undervalued stock market, DuPont, principally a chemical company, decid-..
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