Your friend was wrong.
The description differs fundamentally from Rand's when you come to understand what is meant by reason being the only absolute.
Objectivists believe in their superior intelligence because reason is intelligence - and reason is their only absolute.
As far as her statement being filled with "metaphysical, even mystical terms" I would like to know what the mystical terms are and I would like to know where in that statement there is any mention of metaphysics.
Objectivists defend the individual - corporate America is just an extension of that.