A spin valve read element for use with, for example, magnetic recording
media, includes a permanent magnet as one of the multilayers that make up
the spin valve. The spin valve may also include a pinned ferromagnetic
layer, an antiferromagnetic coupling inducing layer, a reference
ferromagnetic layer, an electroconductive layer, and/or a free
ferromagnetic layer. Epitaxy breaking layers may also be advantageously
positioned within the spin valve. The multilayers of the spin valve may be
constructed as a current perpendicular to the plane or a current parallel
to the plane type spin valve.