Florida GOP state senator John Thrasher has been named the president of Florida State University despite vocal objections from faculty, students, and other FSU community members.

Concerns were raised about Thrasher's lack of academic credentials, The Florida Times-Union reports. The other three finalists for the position all had significant leadership experience at other universities.

According to The Times-Union, the state senator's final interview with the FSU Board of Trustees Tuesday "came despite opposition to Thrasher from faculty and students expressing concern about the school's reputation and the need for the next leader to have stellar academic credentials."

Jennifer Proffitt, the president of the FSU chapter of the United Faculty of Florida, told The Times-Union that "It's clear [Thrasher] does not have the qualifications to lead a research university."

Thrasher is a former Florida house speaker and chairman of the Republican Party of Florida. He graduated from FSU for both his undergraduate and law degrees.

The Times-Union reports that Thrasher had the opportunity to speak to hundreds of students and faculty last week at an open forum. Of the close to 700 responses collected after the talk, 11% gave Thrasher 'good' grades, while 87% gave him 'not good' or 'below average' marks," according to The Times-Union.

Another criticism of Thrasher is his close connections to many of the FSU trustees — most were appointed by Florida governor Rick Scott, whose campaign for re-election is managed by Thrasher.

Much of the support for Thrasher comes from his fundraising abilities. According to The Miami Herald, "Supporters say Thrasher, 70, is the best person to help FSU reach its $1 billion fundraising goal and its aspiration to become one of the top 25 public universities."

The FSU Board of Trustees meeting Tuesday apparently had to be momentarily suspended after students protested Thrasher's impending selection:

While views on the new president seemed split, many students voiced negative opinions on Twitter, angry over the decision:

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“Jeopardy!” champion Ken Jennings' 176,000 Twitter followers may be accustomed to his sometimes smart, sometimes snarky tweets — but all of Twitter was up in arms after the 40-year-old game show legend made a really insensitive remark on Monday:

Nothing sadder than a hot person in a wheelchair.

— Ken Jennings (@KenJennings) September 22, 2014

The internet was quick to respond, bashing Jennings for the comment:

The TV personality and author didn’t delete or apologize for his tweet, but when someone wrote, “Probably your best,” Jennings replied, “The Internet does not agree.”

We could find few others defending Jennings: 

Jennings holds the record for the longest winning streak on "Jeopardy!" and as being the second highest-earning contestant in American game show history.

In 2004, Jennings won 74 consecutive "Jeopardy!" games. His total earnings on the game show are $2.5 million.

SEE ALSO: Ken Jennings Explains How Watson Defeated Him

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Bangalore (India) (AFP) - India is on course Wednesday to become the first nation to reach Mars on its maiden attempt, a historic feat that aims to showcase the country's home-grown and low-cost space technology.

After a 10-month journey, India's Mars Orbiter Mission, also called Mangalyaan, is scheduled to make some final complicated manoeuvres before entering the Red Planet's orbit after 7:30 am (0200 GMT).

"We are gearing up for the crucial operation to insert the spacecraft into the Martian orbit by firing the main engine," mission director M. Annadurai told AFP on Tuesday.

"Everything is going on smoothly as programmed and the spacecraft's health is normal," Annadurai, from the Indian Space Research Organisation (ISRO), said.

This is India's first mission to the Red Planet to search for evidence of life. If successful, the country will join an elite club of the United States, Russia and Europe. 

But the mission is a risky one, with more than half of all attempts to reach Mars ending in failure. And no single nation has succeeded on its first go, except for that of the European Space Agency, representing a consortium of countries.

India's unnamed probe plans to study the planet's surface and scan its atmosphere for methane, which could provide evidence of some sort of life form. 

- Low-cost space prowess -

But experts say the mission's main aim is to showcase India's low-budget space technology and hopefully snatch a bigger share of the $300-billion global space market.

At just $74 million, the mission costs just a fraction of NASA's MAVEN spacecraft which successfully began orbiting the fourth planet from the sun on Sunday.

Prime Minister Narendra Modi was expected to join scientists at ISRO mission control near the southern city of Bangalore for the spacecraft's orbit entry.  

The nationalist premier, who stormed to power in May on a pledge of reviving India's economy, has hailed the mission's low cost, saying it was less than the budget for the Hollywood blockbuster "Gravity".   

"It's a low-cost technology demonstration," said Pallava Bagla, who was written a book on India's space programme.

"The rivalry between regional giants China and India exists in space too and this gives India the opportunity to inch ahead of China (and capture more of the market)," Bagla told AFP.

India has so far launched 40 satellites for foreign nations, since kickstarting its space programme five decades ago. But China launches bigger satellites.

On Wednesday, ISRO scientists will rotate the gold-coloured craft, about the size of a small car, further towards Mars before firing up its main engine for its insertion into the orbit.

The probe is expected to circle Mars for six months, about 500 kilometres (310 miles) from its surface. Its scientific instruments will collect data and send it back to Earth. 

Confidence is high at ISRO after scientists successfully "woke up" and tested the probe's main engine on Monday, following its launch last November.

Critics of the programme say a country that struggles to feed its people adequately and where roughly half have no toilets should not be splurging on space travel.

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On Tuesday the iPhone 6 Plus was forced to confront a question near the hearts of many new owners: will it bend?

In a word: Yes.

After photos of slightly bent iPhones began cropping up on social media, the folks at Unbox Therapy took to YouTube to decide once and for all if the iPhone 6 Plus really has a bending problem.

The video shows a man take out his iPhone 6 Plus, which he apparently purchased last Friday, and try to break it in half.

At one point the iPhone looked like it would snap in half, but after exerting ample force on the phone the tester was able to do no more than bend the aluminum shell.

Still, it's unclear how or why iPhones are bending in people's pockets. It looks like you need to apply a lot of force. Other tech journalists have said iPhone 6 Plus users should wear looser jeans, but you can chalk this up as a victory for the smaller, more practical 4.7-inch iPhone 6.

Check out the video:

SEE ALSO: This App Lets You Shoot Stunning iPhone Photos Like A Pro

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At long last, the mysterious — and often controversial— payments app Clinkle is finally live. 

And it looks like it's a way different app than what it was first positioned to be. 

"Our goal is to completely modernize how payments work,"the app's founder, Lucas Duplan, told Business Insider last year. "What we're trying to do is basically take your phone and have it for the first time be able to rival cash and credit cards. We've developed a way for consumers to download an app, no hardware needed, and achieve scale from a software point of view."

Instead, it now looks like it's a prepaid debit card program. And it looks like it's only available in "select colleges," according to its site. 

Clinkle will send you a physical card, which you can load and reload with money. 

You can then earn what Clinkle calls "Treats." Treats can also be sent to friends. They can do things like refund a purchase you made, or even pay for a friend's purchase. But it's still a little unclear how these Treats work.

Clinkle can also be used to send money to friends, kind of like Venmo or PayPal. 

And that's about it. There are no fees to load money onto the card or use treats, although there are some fees involved, which are explained in the cardholder agreement. 

This is a very different approach for the app, which was supposed to replace credit cards and cash. But it might not be a big surprise.

After Apple announced its mobile payments system, Apple Pay, Clinkle told Business Insider that it's no longer focusing on its original plans: "Last year, we made the decision to focus our product around consumer engagement, not the hardware layer of storing payment instruments, so we are excited that this will give customers yet another way to use their Clinkle card," Duplan told Business Insider in an email after the Apple event. "We look forward to working with Apple and others that will likely enter the space."

SEE ALSO: Uber's Biggest Rival Acquired A Startup That'll Help Make Rides Cheaper

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Millennials may be creating the "experience economy" and changing the traditional workplace, but on most measures, they aren't all that different from the generations before them.

Nonprofit think tank The Demand Institute surveyed 1,000 millennial households to find out what, exactly, they expect for their futures. The findings aren't revolutionary — in fact, the plans millennials hold fall right in line with their parents' and grandparents' perceptions of what it means to live the American Dream. 

Here, we've republished the Institute's findings with its permission, in nine slides that shed light on everything from how millennials are feeling about the next five years to how much they're spending on rent.

By 2018, the number of American households headed by millennials will increase by over 60%.

Despite coming of age during the recession, millennials are just as optimistic as any young people who came before them: 79% expect their financial situation to improve.

Five years from now, 64% of millennials expect to be married, and 55% expect to have kids — news that will probably be very welcome to grandparents everywhere.

Harvard Management Company has named a new president and chief executive officer to head the university's investments, The Harvard Crimson reports.

Incoming president and CEO Stephen Blyth is currently a HMC managing director and head of public markets, as well as a statistics professor at Harvard University. Starting on January 1, 2015, Blyth will be in charge of managing the university's endowment, which at $36.4 billion is the largest in the world.

Harvard's press release notes that in Blyth's current role he is "responsible for investments in public equity, credit, and fixed-income markets, accounting for roughly 40% of the endowment and other assets that HMC invests through its hybrid model of internal and external management."

HMC reported a 15.4% investment return for FY14 on Tuesday. While a .8% beat over internal projects, Harvard's returns were still outpaced by peer institutions such as MIT, Yale, and Dartmouth, which each saw returns over 19% for the year.

According to The Crimson, "In his role as a professor, Blyth has taught Statistics 123: 'Applied Quantitative Finance,' a popular undergraduate course within the Faculty of Arts and Sciences, since 2009, and was awarded the Alpha Iota Prize for Excellence in Teaching in 2013."

Before joining HMC in 2006, Blyth was Managing Director and head of the Global Rates proprietary trading group for Deutsche Bank's London office, according to his HMC biography. He will replace outgoing CEO Jane Mendillo, who announced her retirement in June after eight years leading the HMC.

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In 2013, the top ten schools in college sports generated an average of $117.7 million revenue from their athletic department. The chart below shows just how little of that money goes back to the athletes.

According to data collected by USAToday.com, the schools with that make the most money in college sports spent an average of just $12.0 million (10.2%) on scholarships last year. Meanwhile, the largest slice of the pie, $42.0 million (35.7%), goes to pay the coaches and staff members.

Also keep in mind that not all athletes are on full scholarships.

In addition to paying coaches and staff 3.5 times the total value of scholarships, schools also spent on average more than twice as much on new buildings and maintenance of old buildings ($24.9 million).

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Paris (AFP) - Guy Laroche designer Marcel Marongiu on Wednesday opted for modern, feminine looks at the Paris ready-to-wear shows with a "no-nonsense" collection featuring streamlined graphic shapes, plunging necklines and experimental materials.

On day two of Paris fashion week, Marongiu teamed light silk overalls with bikini tops and tuxedos with shorts for a "light, effortless" silhouette.

Experimental materials included luminous acrylic glass on strappy bain de soleil dresses and light scratched leather that gave a rough sheen to bags, shoes and details on coats.

Marongiu, artistic director at Guy Laroche since 2007, is one of a raft of designers such as Hedi Slimane at Yves Saint Laurent and Alexander Wang at Balenciaga currently working to reinvent fabled fashion names for the modern market.

Prior to his appointment the house had seen a revolving door of designers attempt to breathe new life into it including Alber Elbaz, now at Lanvin, and Herve Leroux, founder of the Herve Leger label.

The French-Swedish designer, who in the past has looked to David Bowie for inspiration, said the idea for his latest collection came from someone even closer to his heart than Bowie.

"The starting point of this is actually a picture of my mother," he told AFP ahead of the show.

"My mother had a very interesting sense of style. She mixed freely, she was (a) very independent, intellectual woman.

"She could one day have cropped jeans with my father's pea coat and the next day an embroidered little dress with a really tight waist. She played with everything. She was far from a fashion victim," he said.

Marongiu's summer 2015 collection, which came in a palette of butter yellow, eggshell, claret red, and navy, also featured dresses with laser-cut designs and tri-colour leather panels.

As well as his mother, Marongiu said he was inspired by the US designer Claire McCardell (1905-1958) who was renowned for her stylish yet affordable women's sportswear.

Marongiu's objective this season was to be both stylish and simple to wear.

"The collection opts for... an overall no-nonsense approach," the house said in a statement.

Label founder Guy Laroche, who died in 1989, was known for clothes which were both wearable and high fashion. Signature looks included plunging neck and back lines.

"I don't like throwing away fashion. I don't like fast fashion," Marongiu added.

"The work I've been doing for Guy Laroche is not much about fashion, it's about style... (it's) not about a dated garment for one season," he said.

Nine days of Paris ready-to-wear shows for spring/summer 2015 run until Wednesday.

The highlight of the collections is Saturday's show by Jean Paul Gaultier, the flamboyant French designer's last ready-to-wear show before he stops to concentrate on couture.

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Cisco has no interest in buying EMC despite rumors to the contrary, CEO John Chambers says.

Cisco's name had been floated around as a possible suitor after talks of a mega-merger between EMC and HP ground to halt, as reported by the WSJ earlier this week.

"If Joe and I were going to do something here we would have done it a year or two ago," Chambers told people gathered for a breakfast Wednesday hosted by The Wall Street Journal. He was referring to EMC CEO Joe Tucci.

That's not really surprising, though it would have been interesting if Cisco bought EMC. Although Cisco and EMC are close partners, EMCs subsidiary, VMware, has been threatening Cisco with a new technology called "software-defined networking," a new way to build networks using software and cheaper hardware.

But Cisco is now in full competition mode with VMware. It spent about $1 billion to build a competing product, launched in December, and Chambers vowed to crush VMware's fledgling networking business and steal away all of its customers.

Oracle's name was also floated as a possible buyer, but the company isn't interested, sources told Re/code. That's not at all surprising either. Oracle has been struggling for years to digest the last sprawling hardware company it bought, Sun Microsystems.

Oracle is now focused on building a cloud business. So buying the world's biggest maker of storage hardware doesn't fit into that, even if it that purchase did include VMware, a significant player in the cloud world.

HP reportedly wanted EMC mostly to lay its hands on VMware, and wanted to pay market price for EMC. But EMC wanted a premium price and the talks broke down from there, Re/code's Arik Hesseldahl reports.

The deal between HP and EMC isn't completely dead, sources told Barron's. But we'll see.

SEE ALSO: Why Cisco Has Showered These 3 Men With Billions Of Dollars

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According to Bloomberg, it's as big as a Boeing 747 but weighs only as much as a "family car."

It's the Solar Impulse, an aircraft that powered by light — but that can still soar in darkness because it uses batteries to store energy gathered during daytime flight.

It isn't exactly supersonic, however. But it is going to fly around the world. In rather less than 80 days.

Bloomberg's Thomas Mulier and Patrick Winters write that the duo of pilots taking turns at the controls with need to "withstand flying non-stop for five days and nights to prepare for ocean crossings stuffed in a tiny cabin traveling as high as 27,000 feet at about 45 miles per hour."The aircraft has covered vast distances before: In 2013, it was flown (slowly) across the U.S., in multiple legs, and it's flown (slowly) across continents, from Switzerland to Morocco.

Even though it lacks afterburners, it still looks cool, lazily transiting the skies above the world's cities.Check this recent video, from the organization behind the plane:

SEE ALSO: The Solar-Powered Airplane That Can Fly Forever Makes Its First Flight

SEE ALSO: Check Out Solar Impulse, The Solar-Powered Airplane That Can Fly Forever

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It's not just the religious who claim to see faces in inert objects. From shadowy likenesses of Jesus and the Virgin Mary in potato chips and tree stumps to the Man in the Moon, people have been spotting human portraits in faceless objects for hundreds of years.

Our reactions are perfectly normal, according to recent research from Chinese and Canadian scientists, published earlier this year in the journal Cortex. On September 18, these researchers won the Ig Nobel prize in neuroscience for their study, which uncovered the brain processes at play when someone — religious or not — sees a face where none exist.

The phenomenon of spotting human likenesses in everything from tortillas to the sky is so normal it has a name: pareidolia, Greek for "faulty image." To test how many of us experience pareidolia, researchers showed a group of volunteers a series of black and white image scrambles.

Although all of the images were purely random assortments of dots and blobs, the researchers told the volunteers that half of them contained either faces or letters. Mysteriously, the volunteers said they spotted either faces or letters in the random images nearly a third of the time.

While they had the volunteers look at the images, the scientists measured their brain activity with an MRI. They found that the same parts of the brain that light up when we see real faces lit up in participants who saw non-existent faces — basically our brains are just tuned to recognize faces, even if it's in a piece of burnt bread. They aren't imagining something, but putting together the same pattern recognition that we use when we spot someone's face out of a crowd.

Scientist Carl Sagan theorized that the reason we see faces where none exist stems from an evolutionary need to quickly discern facial expressions. Those of our ancestors who could easily decipher friend from foe had a better chance of surviving, and passed on their genes.

Recent research has suggests that this innate inclination to search out faces has even spurred our faces to become more unique than those of other species — a potential explanation for why we all look slightly different.

SEE ALSO: Studying Why Banana Peels Are Slippery Isn't As Silly As It Seems

READ MORE: More Than 7 Billion People Populate Earth And Each One Has A Unique Face — Here's Why

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Former General Motors vice chairman Bob Lutz announced Wednesday on CNBC that he believes Tesla is "grossly overvalued" right now.

The outspoken automotive executive, who made the comment on the network's "Squawk Alley" program, echoed a sentiment expressed by Tesla-founder Elon Musk earlier this month. 

Although Musk didn't go quite as far as Lutz — the Tesla CEO simply expressed some doubts about how high his company's stock has climbed in recent months.

Lutz told CNBC, "Elon Musk is right. It's grossly overvalued right now," Lutz said. "When you look at it, their total production to date is still less than one day's production of General Motors or Ford, so it's filled with a lot of hype."

Since Musk made his comments on Sept. 5,  Tesla stock has fallen from $286 to around $250 per share.

In the segment, Lutz also cautioned that until Tesla builds a successful smaller and cheaper model with 200-300 miles of range — something it's planning to do with the upcoming Model 3 — it will remain a "fringe" brand.

Lutz — whose legendary career include executive positions at Ford, BMW, and Chrysler — maintains that the current lithium-ion battery technology being used by electric carmakers provides only limited range. If you want to travel farther, you have to go for a $100,000 Tesla, he argued — and that's a"limited market" in his estimation.

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SEE ALSO: Elon Musk's Companies Have Been Tanking, And He's Lost $1.7 Billion

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Companies that have female directors out perform those that only have men.

A Credit Suisse report found that, overall, companies with a market cap greater than US$ 10 billion that have at least one woman on the board of directors outperformed those that had no women at all by 26% for large caps over the six years leading up to 2011.

"Importantly, this mix of companies would also have outperformed global equities as measured by MSCI’s ACWI," write Credit Suisse analysts Julia Dawson, Richard Kersley and Stefano Natella.

In other words, this is a global phenomenon.

From 2012 to June 2014, companies with at least one woman on the board have seen a 5% outperformance on a sector neutral basis.

That amounts to a compound excess return since 2005 of 3.3%.

Countries in the Asia-Pacific saw the greatest outperformance with a 55% excess cumulative return. That's a huge number.

They were followed by the US, which saw 20% outperformance, also a significant amount.

And third in Europe, which had 18% outperformance.

SEE ALSO: The 27 Scariest Moments Of The Financial Crisis

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Lots of companies have tried to make fun of Apple with its ads, but none have been more successful than Samsung in doing it.

Its Apple-mocking ads are funny, clever, and timely — creating a humorous caricature of the people using Apple products.

It’s hard to quantify exactly how much of these ads have helped Samsung in sales. But there’s no question it’s turned Samsung into a powerful brand that’s now one of the biggest hardware rivals of Apple.

Samsung decided to start attacking Apple after Steve Jobs died in 2011.

Samsung’s internal emails say it was concerned about Jobs’ death creating a lot of good press for Apple, and that Samsung needed a strong ad campaign to take away some of that attention. 

The first Samsung ad to mock Apple was the one for Galaxy S II in November 2011.

It pokes fun at the hipster, Apple fanboys lining up to buy iPhones, portraying them as delusional losers.

It was a high-risk maneuver for Samsung.

Many companies tried mocking Apple, like Motorola in its 2011 ad for the Xoom tablet, but none have really succeeded in backing it up with more than words. Motorola referenced Apple’s famous 1984 Superbowl ad, saying “It’s time for more choices,” but it clearly didn’t translate to more sales.

Sales of relaxation drinks are booming. 

The drinks, which contain active ingredients like melatonin or l-theanine, have become popular because they are more of a novelty than caffeinated beverages like Monster Energy or Red Bull, according to a recent report by IBISWorld.

Popular brands carried in convenience stores include Just Chill, Marley Beverage Company, and Dream Water.  

The products are advertised as sleep, work, and study aids. 

There are more than 450 relaxation drinks on the market today. According to IBISWorld, that number could double in the next 10 years. 

The relaxation drink industry is currently worth $152.9 million. 

"More than 70 million Americans that have trouble sleeping," writes report author Will McKitterick.  "Furthermore, the market extends beyond those who can’t sleep to those who have trouble focusing." 

While the industry is booming, many retail stores do not yet carry such beverages. 

The relaxation drinks could be a good investment for Coca-Cola and Pepsi as consumers move away from traditional soda, McKitterick writes. 

"Big brand backing and consolidation would give relaxation drinks an advantage in terms of distribution range and marketing power, not only on a national but also international scale," he says. 

Dream Water in particular has excelled, and is now available in Wal-Mart and Walgreens stores. 

Just Chill is primarily available at organic grocers, including Whole Foods.

SEE ALSO: Eating At KFC Japan Is Completely Different From The U.S.

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This chart offers a pretty compelling argument for why CEOs are making way too much money compared to what their employees earn.

Pulled from a Harvard Business School survey, it shows how people in 16 countries feel about the disparity between the amount of money CEOs make and what the average worker pulls in.

The gray part represents the ratio of CEO-to-worker pay in each of the countries (in the US, it's 354:1). The red area is what respondents think the ratio is where they live (Americans thought CEOs make 30 times more money than the average unskilled worker).

That tiny blue space? That's the ratio people said would be ideal (Americans said they'd like it to be 7:1).

As you can see, the estimated difference between CEO pay and worker pay is much bigger than what people would like, and even that disparity is dwarfed by the level of inequality that actually exists.

SEE ALSO: CEOs Around The World Earn Vastly More Than People Think They Should

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The US and allied partners struck oil refineries held by the extremist group calling itself the Islamic State on Wednesday, the Pentagon said. 

US Central Command said the 13 airstrikes targeted 12 oil refineries held by the Islamic State, which is also known as ISIS or ISIL. The oil refineries were located in remote areas in eastern Syria, near Al Mayadin, Al Hasakah, and Abu Kamal.

Saudi Arabia and the United Arab Emirates also participated in the airstrikes, Central Command said.

"We are still assessing the outcome of the attack on the refineries, but have initial indications that the strikes were successful," Central Command said in a statement.

One airstrike also targeted an ISIS vehicle. The vehicle was destroyed.

For ISIS, which is now the wealthiest terrorist group in the world, oil is a key source of riches. ISIS is believed to have taken control of hundreds of oil wells in Syria from both the government and moderate rebels, and the Syrian regime of President Bashar al-Assad has said it has lost about $4 million in stolen oil amid the country's ongoing civil war.

ISIS, meanwhile, earns as much as $2 million per day illegal selling oil, Central Command said. The group produces anywhere between 300-500 barrels of refined petroleum per day.

"These small-scale refineries provided fuel to run ISIL operations, money to finance their continued attacks throughout Iraq and Syria, and an economic asset to support their future operations," Central Command said.

According to Janine Davidson and Emerson Brookings of the Council on Foreign Relations, ISIS has access to "a volume of resources and territory unmatched in the history of extremist organizations." And according to the Brookings Institute, ISIS controls about 60% of Syria’s oil fields and several oil-producing assets in Iraq.

Before these airstrikes, the US had conducted 20 strikes against ISIS-held targets in Syria since Monday. Military forces have also carried out nearly 200 airstrikes against the group in Iraq.

SEE ALSO: Why Airstrikes Alone Won't Defeat ISIS

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London (AFP) - Holders Manchester City smashed Sheffield Wednesday 7-0 and Chelsea edged Bolton Wanderers 2-1 as both teams overcame Championship opposition to reach the League Cup fourth round on Wednesday.

Frank Lampard and Edin Dzeko each scored twice as City strolled to victory with seven second-half goals at the Etihad Stadium, setting up a home game with either Crystal Palace or Newcastle United.

Lampard broke the deadlock in the 47th minute, tapping home a low cross from James Milner at the near post to score his second goal in two games following Sunday's equaliser against his former club Chelsea.

Dzeko turned in a Jesus Navas cross in the 53rd minute and Navas made it 3-0 with a jinking run and fierce shot a minute later.

Yaya Toure added a fourth from the penalty spot on the hour after Kamil Zayatte had been sent off for tripping Lampard, before late goals from Dzeko, substitute Jose Pozo and Lampard completed the rout.

Chelsea gave a first appearance of the season to goalkeeper Petr Cech and took a 25th-minute lead when debutant Kurt Zouma lashed home at the second attempt after Gary Cahill's header was blocked at a corner.

Matt Mills equalised for Bolton six minutes later with a deep header from a free-kick that crept inside Cech's right-hand post, but Oscar gave Chelsea victory in the 55th minute with a low long-range drive.

Chelsea will visit fourth-tier Shrewsbury Town in round four.

Meanwhile, Tottenham Hotspur had to come from behind to win 3-1 at home to Nottingham Forest.

Championship leaders Forest made a bright start, hitting the bar through Ben Osborn's curler, and took the lead in the 61st minute when 19-year-old Jorge Grant tucked in a Lars Veldwijk cross.

But substitute Ryan Mason drew Spurs level with a 25-yard shot in the 72nd minute and late goals from Roberto Soldado and Harry Kane sent Mauricio Pochettino's side through.

Spurs will now host second-tier Brighton and Hove Albion, who won 3-0 at fourth-division Burton Albion.

West Bromwich Albion produced a stunning late rally to beat Hull City 3-2 and set up a trip to Championship outfit Bournemouth.

Goals from Tom Ince and Robbie Brady put Hull 2-1 up after Brown Ideye had given the hosts a 15th-minute lead, but Gareth McAuley equalised in the 87th minute before Saido Berahino grabbed the winner a minute later.

The night's other all-Premier League tie went to extra time after Sullay Kaikai marked his Palace debut by making it 2-2 against Newcastle in injury time at Selhurst Park.

Arsenal were dumped out of the competition after losing 2-1 at home to Southampton on Tuesday, while Liverpool edged second-tier Middlesbrough 14-13 in a remarkable penalty shootout following a 2-2 draw at Anfield.

Southampton will visit Stoke City in the next round and Liverpool will tackle Swansea City, who beat their Merseyside rivals Everton 3-0 on Tuesday.

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Yale's endowment keeps outperforming Harvard's. 

On Wednesday, Yale announced that in the fiscal year ended June 30, the university's endowment earned a 20.2% investment return, topping the 15.4% returned by Harvard's endowment over the same period. 

Last year, Yale's endowment grew to $23.9 billion from $20.8 billion, still significantly smaller than Harvard's endowment of $36.4 billion as of June 30. 

Looking at the past performance of these endowments, however, 2013's outperformance by Yale wasn't unique. 

Over the most recent 10- and 20-year periods, Yale has outperformed Harvard, and not by a meaningless amount.

Yale's investment return over the last 10 years stands at 11% against Harvard's 8.9% return. Over 20 years, Yale has returned 13.9% per year, while Harvard has seen returns of 12.3%. 

When looking at the composition of the endowments' portfolio, the biggest discrepancy is in allocation to private equity and hedge funds.

Yale puts 30% of its invested capital in private equity against 18% for Harvard, while Yale puts 20% of its capital in hedge funds while Harvard puts about 16% of its capital in hedge funds. Conversely, Harvard has more in natural resources, plain-vanilla stocks, and bonds and cash (which are very low risk). 

Here's the full breakdown of the differences in how the endowments are invested:

• Private Equity: Yale: 31% | Harvard: 18%
• Absolute Return (hedge funds): Yale: 20% | Harvard: 16%
• Real Estate: Yale: 17% | Harvard: 12%
• Foreign Equity: Yale: 13% | Harvard: 22% (11% foreign equity + 11% emerging markets equity)
• Natural Resources: Yale: 8% | Harvard: 11%
• Domestic Equity: Yale: 6% | Harvard: 11%
• Bonds and Cash: Yale: 5% |  Harvard: 10%

In its annual report for 2014, Harvard said, "One factor that continues to impact our performance is a real and visible overhang from underperforming illiquid investments made during the pre-crisis era. These investments will continue to roll off over the next few years." 

On Wednesday, Harvard also announced that Stephen Blyth, formerly the managing director and head of public markets at Harvard Management Co., which runs the company's endowment, to the CEO role. Blyth's appointment comes after the head of Harvard's endowment, Jane Mendillo, stepped down in June. 

A 2013 study showed that from 2009 to 2013, Harvard's endowment saw the worst returns among Ivy League institutions.  

Good luck, Stephen!

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