There is disclosed an improved bearing and particularly an improved bearing assembly (15, 15A), eg. a thrust bearing assembly, which may be used in down-hole applications, such as down-hole drilling applications. Thrust bearing assemblies for use in down-hole applications have the conflicting requirements of a thick shaft assembly and high axial load bearing capacity in a small cross-section. The invention, therefore, provides: a bearing assembly (15, 15A) having at least two bearing elements (400, 400A) spaced by a first body (500, 500A), the first body (500, 500A) having means for flexing. Thus when a load is applied to the bearing assembly (15, 15A) the first body (500, 500A) is caused to flex. In an embodiment the flexing means comprise at least one circumferential groove or notch (510, 510A) formed on the first body (500, 500A).