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I prefer wool and wicking modern fabrics. I don't enjoy sweating in waterproof fabrics, I'd prefer to get wet from the outside. That said, my commute is a little over an hour each way, downpours are rare (seems like a light rain or heavy mist most of the time), and I've got a shower waiting for me at each end. I might make different choices than merino wool tights and sweaters and technical undershirt baselayers* if I was regularly in downpours or out in the rain for longer, or especially if I didn't have a hot shower waiting for me at each end...

* I'm also wearing cycling bib shorts under everything and a tough pair of shorts (mostly for the pockets) over everything.