I agree. If you look at the Canadian research system and the environment, how much money is put into actual proposals and to getting the funding? It's kind of a waste of human resources, and we're all fighting over the same small pie. You're not getting more value from more people competing for that same small pie.
In some sense, having longer-term funding allows people to answer research questions in a more comprehensive way and not have to focus their efforts on always trying to get more funding. I think our best and brightest research chairs are chasing funding. It's probably the major part of their job, which is probably not where we want them to direct their efforts.
In general, yes, I would agree with that.