Fortunately or What Good Luck, What Bad Luck (published under different titles) by Remy Charlip.
I loved this book. It was so fantastical and there was a lot of peril, but to me the alternating highs and lows emphasized the importance of recognizing the long view - not assuming things have been or always will be this way, realizing bad times and good times will come and go.
Fortunately, One day Ned got a letter that said,
"Please come to a surprise party."
Unfortunately, The party was in Florida and he was in New York.
Fortunately, a friend loaned Ned an airplane.
Unfortunately, the motor exploded.
Fortunately, there was a parachute in the airplane.
Unfortunately, there was a hole in the parachute.
His illustrations are wonderful, too, of course.