Javascript how to use the and/or operator with parenthesis

Javascript how to use the and/or operator with parenthesis

I have an object that contains a string HelloWorld in the attribute hello.
I want to check for two strings, and if it does not match with either one,
then I want to execute certain code.
var item = { hello: "HelloWorld" }
item.hello !== "HelloWorld" && item.hello !== "GoodbyeWorld" // false,
correct
However, I feel this can be optimized and made more readable:
item.hello !== ("GoodbyeWorld" && "HelloWorld") // false, correct
item.hello !== ("HelloWorld" && "GoodbyeWorld") // true WTF?
I expected both checks to be falsy, but surely I'm missing something here.
I think I do not have a correct understanding of the AND/OR operator in
javascript, or I am using the parenthesis in a wrong manner. Can anyone
explain?
JSFiddle example