Common Misconceptions about Objectivism

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Objectivism is a religion 
False, Objectivism is a philosophy based on reason, not a religion (which is based on faith or mysticism).
Objectivism is a cult 
Many critics of Objectivism claim that students of the philosophy blindly follow Ayn Rand and treat her word as some kind of "divine revelation," but this is simply not the case. This view is diametrically opposed to the core tenants of Objectivist epistemology which hold that man must (and can only) gain knowledge through the use of his own rational faculty.
It's possible to be religious and be an Objectivist at the same time 
Objectivism rejects all forms of religion at its metaphysical base, the Primacy of Existence, and is thus an atheistic philosophy.
Objectivism is an "open system" to revision and changes 
Objectivism is the name Ayn Rand used for her philosophical achievement. As such, the term "Objectivism" may only be applied to the ideas by Rand or by those she explicitly endorsed. This is not to say that there are not other philosophical truths that rational thought can illuminate, but that passing these ideas as the work of Ayn Rand is misleading. Leonard Peikoff's essay "Fact and Value", directly addresses this issue.
The Laissez-Faire Capitalism advocated by Objectivism is a form of Anarchism or Anarchocapitalism 
Not true, Objectivism does in fact support government with a monopoly on the use of force. This government, however, is only to use force against those who initiate its use to violate others' rights. The three tasks of government in this function are (as stated by Ayn Rand): "...the police, to protect men from criminals—the armed services, to protect men from foreign invaders—the law courts, to settle disputes among men according to objective laws."