Watch CNBC's full interview with legendary investor Leon Cooperman on market turmoil

Leon Cooperman, CEO and chairman of Omega Family Office, joins CNBC's 'Squawk Box' to break down his outlook for markets, the risk of a recession and more. Cooperman also lays out why he thinks S&P 500 declines could reach 40% from its peak. Cooperman weighs in on Ark Invest's Cathie Wood, U.S. energy production and more.