While loop continues infinitely even after condition is satisfied

Here is a loop to make sure players of my small game input valid answers but the while loop conintues infinitely, even when the conditions are satisfied to break the loop:

initialize = ''
    while initialize != 'yes' or initialize != 'no':
        print('\nWould you like to play?')
        initialize = input('Yes or No? ').lower().strip()
        if initialize == 'yes':
            print('\nHappy to see you.\n')
        elif initialize == 'no':
            print('\nNo worries.\n\nThanks for stopping by!') 
        else:
            print('\nSorry, I didn\'t catch that')
print('please wait as game loads')
print('\nYou\'re very important to us\n')    

if 'yes' or 'no' is typed in the correct if statement runs but the loop continues: Would you like to play? Yes or No? yes

Happy to see you.

Would you like to play? Yes or No?