PRIDE AND EGO VS. HUMILITY AND MODESTY
However, there is a possible way out of this dilemma: Buddhism and Objectivism don't have the same ego concepts, so they are talking about (somewhat) different things. The Buddhist concept of ego seems to have similarities to the psychoanalytic one, referring mostly to internalized limitations, habits, tastes, conventions, taboos and soforth that have been automatized and learned by social osmosis from childhood and on. These are self-reproducing and self-maintaining limitations on everyone's cognitive and behavioral functions, preferences and values, preventing people from living consciously and first-hand. Also Objectivists and Randians are opposed to such limitations.
Processes and functions that Objectivists consider cognitive aspects of an independent, self-made value-based ego are differently conceived by Buddhists, as processes and functions that liberate an individual from a more static or locked ego created and maintained by involuntary social conditioning. Similarly, when Buddhists criticize pride, they seem to be mostly referring to what Aristotelians would identify as conceit, boastfulness, and a lack of sensitivity, rather than nobility and the great soul. Once one starts speaking about what nobility consists of and what capacities and characteristics a great soul must possess, previously obscured similarities between Buddhism and Objectivism may emerge.
From:
http://folk.uio.no/thomas/po/buddhjectivism.html