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I thought this was a good capsule summary, actually:

Yet, even as he takes pleasure in poking holes in an innocent idealism, Vaillant says his hopeful temperament is best summed up by the story of a father who on Christmas Eve puts into one son’s stocking a fine gold watch, and into another son’s, a pile of horse manure. The next morning, the first boy comes to his father and says glumly, "Dad, I just don’t know what I’ll do with this watch. It’s so fragile. It could break." The other boy runs to him and says, "Daddy! Daddy! Santa left me a pony, if only I can just find it!"

His study seems to support the idea that the way people react to problems in their lives affects their overall happiness more than the problems themselves.

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