Like Warden says, it depends.
I probably wear insulation over more than under. Often, it's a very light base layer like an OR Echo hoody with a wind shirt such as the Black Diamond Alpine over that. Insulation will follow, usually a Mont-Bell Thermawrap jacket or parka.
If it's cold enough to wear insulation over the base layer, it might be a fleece vest between the base and the wind or one of the above insulation pieces with a Black Diamond Dawn Patrol soft shell as the outer layer, and no wind shirt.
For myself, overheating is a much greater problem than being too cold.
The puffy or Serape is always in the pack in cool to cold weather to go over everything.
