"Ashrei" (the first word of this Psalm - which makes it the first word in all of Psalms) is usually translated as "happy," but most of the major commentaries (Rashi, Radak, Metzudas David, and others) understand it here to refer to praise. This would render the actual meaning of this verse either, "Praiseworthy is the man who..." or "These are the praises of the man who...."