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A radial magnetic bearing, consisting of two permanent magnets, is an attractive choice because of its zero wear, negligible friction, and low cost, but it suffers from low load capacity, low radial stiffness, lack of damping, and high axial instability. To enhance the radial load and radial stiffness, and reduce the axial thrust, we have made a theoretical and experimental study of various radial configurations, including hydrodynamic lubrication to improve dynamic performance of the magnetic bearing. We developed an experimental setup to investigate the performance of bearing configurations under different operating conditions. The motion of a rotating shaft is mapped by two displacement sensors with a data acquisition system and personal computer. The first critical speed of each configuration is determined experimentally and verified through frequency analysis. We present a polar plot of displacement data.