BUFFETT: If I eat more than 2500 calories a day, I'm going to gain weight. If I eat less than 2500 a day I'm going to lose weight. I'd like to choose the 2500 calories that I eat, and if, you know, if I--it's just a question of how many calories you stuff in your mouth, basically, and there's a lot of ways to do it.

QUICK: Hm.

BUFFETT: And if somebody told me that I live a year longer by eating nothing but broccoli and asparagus from now on, I would just say, it would just feel like I'm--every day will seem like as long. I'll stick with--I'll stick with the Cheetos and the Coke. 

QUINTANILLA: Indra, I hope you won't mind a quick macro question. The last week or so we here who sort of pay attention to markets on a day-by-day basis have seen some pretty lousy data on housing and consumer confidence. We sometimes rely on you and your radar. Are you--are you seeing echoes of that in at least the very concurrent data when it comes to convenience stores and so forth? Is the consumer nervous again?

NOOYI: I think the consumer, (clears throat) excuse me, I think the consumer environment is very, very soft. And I think what we have is people still don't have the confidence to go out and spend money, and they're just waiting to see what's going to happen before they open their wallets. Savings rates are going up, which is a good thing. The question is, when is it too high? And we want people to spend, not just spend, you know, borrow and spend. And I don't think the consumer's there today. So I am a bit worried about the next 12, 18 months because unless we get those jobs back and the hourly worker, the construction worker, back on his feet, I'm just worried that consumer confidence won't come back. So I like what the government is doing about long-term programs, fixing health care, addressing energy, talking about the overall taxation. I like all of these long-term programs. My concern remains, you know, on the next 12, 24 months because you need those jobs back to get the engine of the economy going, but you need that to get consumer confidence up. And let me just say one thing to Warren.  Warren, Cheetos, Fritos and Doritos taste fantastic and even better with  Pepsi.

KERNEN: Boy, this is--this is kind of a smackdown.

QUINTANILLA: Yes.

QUICK: It is a smackdown.

QUINTANILLA: A hard sell.

KERNEN: Warren, it is too bad that Coke never, you know, you do have to go out of the Coke family to get a snack, and I wonder why they didn't realize salty snacks, drinks, salty--I mean, that's like--that's like peanut butter and jelly. That seems like a slam dunk to have thought of that.

BUFFETT: Indra may know this better than I am. My understanding's that Herman Lay went to Coke, I don't know, 40 years ago or so, and if a deal had been made, he would've owned more stock than Mr. Woodruff, and Mr. Woodruff didn't like it. But I don't know whether that's an old wives' tale or not.  Indra, do you know the answer on that?

NOOYI: I think the answer is that PepsiCo has always been strategically much better than anybody else out there.

KERNEN: Oh, I love it. All right, we've got to go. We've got to go.

QUINTANILLA: Ouch!

KERNEN: We've got to go, Indra, but just--we asked pharmaceutical companies, what's the most exciting drug in your pipeline? What's the most exciting new salty snack at that testing place you were talking about? Do you have one in particular?

NOOYI: Yeah, Joe, I'll make a deal with you.

KERNEN: All right.

NOOYI: You come and host your SQUAWK BOX out of Frito-Lay and we will let you taste all of our new products. How's that?

KERNEN: I hate to hear people talking with their mouth full, but we may have to--we may have to do that because that would be the problem. Thank you very much, Ms. Nooyi.

NOOYI: Thank you.

KERNEN: It was great to have you on the show for an extended period of time and seeing you and Warren Buffett in that two box, it's just a cool looking thing, isn't it?

QUINTANILLA: Other shows have...

NOOYI: And, Warren, I look forward to meeting you sometime.

BUFFETT: Good enough. I'm looking forward to it, too.

KERNEN: There it is again. I love that.

NOOYI: Thank you.

KERNEN: All right, Beck.

QUICK: All right, Indra, thank you very much.

CLICK HERE FOR PART SEVEN

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