A rotating magnetic storage device is shown wherein the transducer and media are separated during operation by a thin film of low viscosity liquid lubricant that is recirculated from a reservoir within the head-media enclosure. Lubricant recirculation can be effected by capillary action using a wick, mechanical pumping and metering or distillation techniques. As compared to devices using air bearing separation, the transducer carrying slider has very small bearing surfaces which may be in the form of narrow rails or small depending foot elements. This enables fly heights of 2 microinches using a film of one micron thickness.