Quoted:
Cold as fuck, max warmth, stationary (think fishing in 30 degrees on the water with your but on a boat, same as hunting on a stand covered in ice)
Cold as fuck, active, max warmth but don't get wet
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I have an outdoor aquaponics system. I don't shut it down until the nighttime temperatures hit 27 or 28. "Cold as fuck" is relative I guess.
On a serious note, there are many materials that make good base layers:
1) Merino wool
2) Polypropylene
3) Polyester
4) Silk
etc.
They are all comparable in that they all wick sweat/moisture away from the skin which helps slow down conductive heat loss. They come in varying "weights", such as Patagonia's Capilene Polyester which has 4 different thicknesses and designs. The differences between the different materials are:
1) Some wear better
2) Some wick better
3) Some dry faster
4) Some are more UV and heat resistant
etc.
I don't think the differences are enough to make one material that much better than another unless you are using them for a specific application. For generic hunting and fishing, you will be well-served by any of them. It boils down to price and brand. You also do want different weights for different temperature ranges.
I have used polypropylene, Smartwool and silk. This was the first year I've tried Patagonia Capilene, both 3 and 4 weight.
ETA: A quick note about cleaning: Sweat has 2/3 the amount of salt as blood. As salt and skin oils collect in the fabric, the wicking ability of the fabric suffers. If you let it air dry you can get several days of use out of it, but it does have to be cleaned to restore it's full wicking ability.