In short the view that the creation of elites
in some particular domain is desirable
This belief is often complemented by one that states that the privileges and status of this group are worth protecting from the forces that would normally remove them.
An elite can in this context be thought of as a small group who possess a disproportionate influence, or separating advantageous quality that allows them to individually rise to the a position of high status within their sphere of influence. In contrast to an oligarchy wherein co-operation is vital for the privilege to be maintained and influence exerted, the elevated status is derived from each individual separate from the rest.
Think: Superheroes = elite, but corporate comittee = oligarchic.