Cold, not bulk, is the wrong obsession. A jacket that feels like a shirt cheats the same physics that makes sweat chill your skin, but it forces the math to run in reverse. Evaporative cooling pulls heat from your body because liquid water absorbs latent heat as it becomes vapor and rides away on moving air. Stop that escape, and the thin shell suddenly behaves like a valve for energy rather than a sieve.
The trick is aggressive control of phase change and convection. A dense yet porous membrane lets water vapor diffuse outward while blocking liquid water, slowing evaporation right at the skin, so less latent heat of vaporization is stolen from you in the first place. Behind it, a wispy loft layer holds microscopic air pockets that slash convective heat transfer, so the freezing alpine wind cannot strip that energy. Tiny mass. Big effect.
The counterintuitive part is that staying warm starts with staying just dry enough. By keeping sweat in vapor form, and throttling its pathway through the fabric, the system keeps your skin above the threshold where shivering would kick in. What feels like a shirt is really a controlled experiment in thermodynamics wrapped around your torso.