I find that only my primary (first) layer needs to be technical. I start with a heavy UA top, then put on a sweat shirt over it thick enough to kill wind and loose enough to form a pocket of warm air underneath. Same strategy below, I'll wear a pair of boxers and a pair of thin Russell sweats, again, loose enough to hold warm air. With a balaclava and thick performance gloves, this is good to about 0 degrees with wind.
The primary layer wicks sweat away from my skin, to be evaporated within the pocket of warmth, then slowly released as the pocket ventilates. I stay warm and dry for a long period of time.