Both.
I'm talking about players who were bought for the future in general.
I always think there's a lot more satisfaction in seeing 'one of your own' come through. In the future, it's going to be harder to get top quality kids unless they've come through your Academy as anyone with ability will already have been snapped up by a bigger fish. Of course there will be some that will slip through the system to resurface later, but I would be surprised if they will be as prevelant as they have been in the past.
Supposedly, Lyon has managed to stay on top in France by snapping up quality young players (not Academy players) from all over Ligue 1. Year after year, they buy young, play them for a season or two and turn around and sell them at exorbitant prices. Not bad business being the middleman.
Or so that's what I'd read somewhere.