Some rules of thumb for winter activity clothing:
1) Many thin layers are better than fewer thick layers
2) Stay away from cotton insulation. Cotton absorbs moisture (it doesn't breathe). Wool, fleece and many other fabrics are much better. This is specially important for your underwear.
3) The outer layer should be a shell (for wind and water) only, preferably not an insulation also.
4) Keep your fingers together. Use mittens rather than gloves. The fingers keep each other warm if kept in the same "compartment".
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My advice is free of charge and of respective quality.
1982 Miyata 912
1998 Wheeler 5900 with front and rear air cushion suspension
2015 Canyon Spectral 7.0 EX