An apparatus includes a rotor, a stator, and a plurality of magnets forming bearing poles coupled to a selected one of the stator or the rotor. The apparatus further includes a plurality of shorted coils coupled to the other of the stator and the rotor. The plurality of bearing poles and shorted coils co-operate to form an electrodynamic bearing during rotation of the rotor. The electrodynamic bearing supports the rotor either axially or radially during operation. Hydrodynamic bearing surfaces are provided for generating a hydrodynamic bearing between the rotor and stator. The plurality of magnets may comprise a plurality of distinct magnetic elements or a single element comprising a plurality of distinct magnetic domains. The plurality of distinct magnetic elements or domains may be arranged to form a Halbach array.