You have loved what is right and hated what is wrong, therefore God, your God [i.e., the Father], has placed you above your companions when He anointed you [i.e., specially chose you] with the oil of joy [i.e., your selection as king was a joyous occasion]."

but Christ [was faithful] as a Son over God's household. And we [Christians] are that household, if we hold on to our confidence [in Christ], and to the boasting [i.e., joy] of our hope [in God], firmly to the end [of our lives].

We should fix our eyes on Jesus, the pioneer and completer of the [or, "our"] faith. [Note: Jesus is here pictured as the one who completely fulfills the life of faith, or who provides us with the ability to live such a life]. [And] because He could look forward to joy, He endured the cross, despising its shame, and has sat down at the right side of God's throne.