It helps to include the second half of the Proverb: ". . . but the wicked are brought down by calamity." The verse is contrasting how two different kinds of people are affected by calamity. The "righteous," meaning those who are essentially upright (or right with God) are not defeated by problems (even by self-inflicted ones), but get up and keep moving on. The wicked, on the other hand, eventually are defeated.
By the way, does "Sallyport" have anything to do with Rice University's Sallyport? Bill Hogan class of '55
Well said. The righteous rise after calamity because God is on their side. This doesn't mean the righteous won't suffer seeming defeat or face failure though. It does mean that God will see them through the tough times (Rom. 8:29-30) and bring value from those times.